Group 1: Report Overview - The report is a container shipping morning report released on November 5, 2025, by the energy and chemical team of the research center [2] Group 2: Futures Market Analysis Futures Contracts - EC2512 closed at 1909.9 with a 3.14% increase, EC2602 at 1593.7 with a 0.09% increase, EC2604 at 1190.0 with a 0.47% increase, EC2606 at 1411.0 with a 0.75% increase, EC2608 at 1485.0 with a 0.10% increase, and EC2610 at 1135.0 with a 0.38% decrease [2] Month - to - Month Spreads - EC2512 - 2504 spread was 719.9, up 52.6 from the previous day and 123.7 week - on - week; EC2512 - 2602 spread was 316.2, up 56.7 from the previous day and 112.8 week - on - week; EC2502 - 2604 spread was 403.7, down 4.1 from the previous day and up 10.9 week - on - week [2] Group 3: Spot Market Analysis Spot Indices - SCFI (European Line) on November 3, 2025, was 1208.71 points, down 7.92% from the previous period; CCFI on October 31, 2025, was 1323.81, up 2.37% from the previous period; NCFI on October 31, 2025, was 965.62, up 17.43% from the previous period [2] European Line Spot Quotes - In early November, PA's price dropped to $1700 - 1900, GEMIN to $2100 - 2200, and OA to $2250, with an average of about $2050 (equivalent to 1430 points on the disk) [4] Group 4: Market Outlook and Strategies - The 12 - contract has multiple positive drivers but high valuation, and it is recommended to buy on dips [3] - The 02 - contract's valuation is hard to anchor, and it is expected to follow the 12 - contract in the next month [3] - The 04 - contract is a off - season contract, and it is recommended to sell on rallies considering future supply pressure, off - season factors, and potential resumption of shipping [3] Group 5: News and Events - On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement; on November 2, the Houthi armed forces said they would respond strongly to any Israeli aggression [5] - On November 4, the MSK price increase news and the price increase letters from HPL and MSC drove the main contract to strengthen significantly, and the far - month contracts were slightly driven up by the near - month contracts [2][3] - On November 5, MSC and HPL issued price increase letters for the second half of November, announcing price increases to $3000 and $3100 per FEU respectively [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The current valuation of the December contract is moderately high. With multiple price increase announcements and long - term contract signings from November to December as positive drivers, it is recommended to adopt a "buy - on - dips" strategy, waiting for next week or continue to trade based on the PA price cut/MSK's flat opening [3]. - The February contract's valuation is difficult to anchor, with high uncertainty. It is expected to follow the December contract's trend in the next month [3]. - The April contract is for the off - season. It will fluctuate within a narrow range under the current peak - season logic and face greater supply pressure next year. A "sell - on - rallies" strategy is recommended [3]. Group 3: Summary by Relevant Catalogs Futures Market Data - For EC2512, the closing price was 1804.0, down 2.16%, with a basis of - 491.3, trading volume of 59519, and an open interest of 31365, an increase of 1259 [2]. - For EC2602, the closing price was 1553.6, down 1.86%, with a basis of - 240.9, trading volume of 11387, and an open interest of 18455, an increase of 2222 [2]. - For EC2604, the closing price was 1161.1, down 1.26%, with a basis of 151.6, trading volume of 4119, and an open interest of 14910, an increase of 450 [2]. - For EC2606, the closing price was 1379.6, down 1.69%, with a basis of - 66.9, trading volume of 366, and an open interest of 1521, an increase of 110 [2]. - For EC2608, the closing price was 1471.1, down 1.10%, with a basis of - 158.4, trading volume of 226, and an open interest of 1352, an increase of 23 [2]. - For EC2610, the closing price was 1132.0, down 0.04%, with a basis of 180.7, trading volume of 442, and an open interest of 1280, an increase of 218 [2]. Month - spread Data - The EC2512 - 2504 month - spread was 642.9, down 25.0 day - on - day and up 21.6 week - on - week [2]. - The EC2512 - 2602 month - spread was 250.4, down 10.4 day - on - day and up 39.3 week - on - week [2]. - The EC2502 - 2604 month - spread was 392.5, down 14.6 day - on - day and down 17.7 week - on - week [2]. Spot Index Data - The SCFIS (European Line) index on October 27, 2025, was 1312.71, up 15.11% from the previous period [2]. - The SCFI (European Line) on October 31, 2025, was 1344 dollars/TEU, up 8.82% from the previous period [2]. - The CCFI on October 31, 2025, was 1323.81, up 2.37% from the previous period [2]. - The NCFI on October 31, 2025, was 965.62, up 17.43% from the previous period [2]. Fundamental Analysis - In terms of fundamentals, in week 49, there was one additional sail - canceling, and two ships postponed departure. The average weekly capacity in November and December is 290,000 and 336,000 TEU respectively. After considering all TBN as sail - canceling, it is 286,000 and 313,000 TEU. The capacity in week 45/46/47/48 of November was 310,000/250,000/277,000/325,000 TEU respectively, with greater pressure in the second half of November [2]. - In the first half of November, OA and MSK had no pressure in receiving goods, while the PA alliance was short of goods and led the price cut [2]. Recent European Line Quotation - Downstream customers are finalizing the cabin bookings for early November (week 45). In the first half of November, the PA alliance cut prices the most, to 1700 - 1900 US dollars, GEMIN to 2100 - 2200 US dollars, and OA to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market) [4]. Related News - On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement. The cease - fire agreement mediated by the US has been in effect for three weeks, but issues such as Hamas' disarmament and Israel's withdrawal schedule from Gaza remain unsolved [5]. - On November 1, Qatar warned that Gaza might fall into a "neither war nor peace" situation, calling on the international community to intervene [5]. - On November 3, the Houthi armed forces stated that they would strongly respond to any Israeli aggression [5].

Report Overview - Report Type: Container Shipping Index Daily Report [1] - Date: October 24, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In October, being the traditional off - season with limited capacity control and supply pressure, the container shipping spot freight rates are continuously falling. However, shipping companies are raising rates for the second half of October and November in preparation for the year - end long - term contract season. Although the rate increase may not fully materialize, a bottom - up trend is likely to form, and the bottom of freight rates for the year may have been reached. The December contract has an opportunity for oversold recovery due to the Israel - Hamas conflict affecting the Red Sea route [8]. - The China export container shipping market continued its rebound this week. The overall transport demand was stable, and the freight rates on ocean routes increased, driving up the comprehensive index. China's exports in September showed positive growth, especially to the EU, which was the main growth driver in the export market [9]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Spot Freight Situation**: In October, the traditional off - season, with limited capacity control, the supply pressure remains, and the spot freight rates are falling. Shipping companies are raising rates for the second half of October and November. For example, Maersk's rates for the Shanghai - Rotterdam route increased. Although the rate increase may not fully materialize, the freight rates are likely to bottom out and recover. The December contract has an oversold recovery opportunity due to the Israel - Hamas conflict [8]. 3.2行业要闻 (Industry News) - **Market Rebound**: The China export container shipping market continued to rebound this week. The overall transport demand was stable, and the freight rates on ocean routes increased, driving up the comprehensive index. China's exports in September increased by 8.3% year - on - year, and the export growth rate to the EU reached 14.2% in September, a three - year high [9]. - **Route - specific Situations**: - **European Routes**: The transport demand was stable, and the spot market booking prices continued to rebound. The Shanghai - Europe basic port market freight rate on October 17 increased by 7.2% compared to the previous period [9]. - **Mediterranean Routes**: The market situation was similar to that of European routes, and the freight rates continued to rise. The Shanghai - Mediterranean basic port market freight rate on October 17 increased by 3.5% compared to the previous period [9]. - **North American Routes**: China's exports to the US decreased by 27% in September, with six consecutive months of negative growth since April. However, the transport demand was relatively stable this week, and the spot market booking prices rebounded from the low level. The Shanghai - US West and US East basic port market freight rates on October 17 increased by 31.9% and 16.4% respectively compared to the previous period [10]. - **Israel - Hamas Conflict**: There was a new conflict between Israel and Hamas. Israel is accelerating the resumption of full - scale military operations, and the Red Sea route is unlikely to resume navigation this year [10]. 3.3数据概览 (Data Overview) - **Container Shipping Spot Prices**: - The Shanghai Export Container Settlement Freight Index for European routes on October 20 was 1140.38, up 10.5% from October 13. - The index for US West routes on October 20 was 863.46, up 0.1% from October 13 [12]. - **Container Shipping Index (European Routes) Futures Quotes**: The trading data of EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 contracts on October 23, including opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change, are provided [6]. - **Shipping - related Data Charts**: Charts of Shanghai Export Container Settlement Freight Index, container shipping European route futures main and sub - main contracts, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rate, and Shanghai - Rotterdam spot freight rate are provided [13][16][17][21]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: October 23, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - In October, it is the traditional off - season, with limited capacity control and persistent supply pressure, causing the current spot freight rates to decline. However, shipping companies are raising prices for the second half of October and November to support prices for the year - end long - term contract season. The freight rates are likely to form a bottom - out and rebound trend, and the bottom of the freight rates for the year may have emerged. Also, due to the renewed conflict between Israel and Hamas, the Red Sea is unlikely to resume navigation this year, and there is an opportunity for the December contract to recover from over - decline [8] Summary by Directory 1. Market Review and Operation Suggestions - The current spot freight rates are falling due to the traditional off - season in October and limited capacity control. Shipping companies are raising prices for the second half of October and November. For example, Maersk's large container rates for the second half of October on the Shanghai - Rotterdam route reach up to $1911, and $2350 in the first week of November. Although the price increase may not fully materialize, the freight rates are likely to bottom out. The December contract has an over - decline recovery opportunity because of the Israel - Hamas conflict and the unlikelihood of Red Sea resumption this year [8] 2. Industry News - The China Export Container Shipping Market continued its rebound this week. In September, China's exports in US dollars increased by 8.3% year - on - year. On October 17, the Shanghai Export Containerized Freight Index rose by 12.9% from the previous period. For European routes, China's exports to the EU in September increased by 14.2% year - on - year, and the freight rate on October 17 rose by 7.2%. For Mediterranean routes, the market situation was similar to that of European routes, with the freight rate rising by 3.5%. For North American routes, China's exports to the US decreased by 27% in September, but the spot booking prices rebounded, with the freight rates to the US West and East rising by 31.9% and 16.4% respectively. There was a new conflict between Israel and Hamas, and the US warned that Hamas's attacks might violate the cease - fire agreement [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From October 13 to October 20, 2025, the SCFIS for European routes increased from 1031.8 to 1140.38, a rise of 10.5%. The SCFIS for US West routes increased from 862.48 to 863.46, a rise of 0.1% [12] 3.2 Container Shipping Index (European Routes) Futures Market - Data on the trading of container shipping European routes futures contracts on October 22 are provided, including opening prices, closing prices, settlement prices, price changes, price change percentages, trading volumes, open interests, and changes in open interests for different contracts such as EC2510, EC2512, etc. [6] 3.3 Shipping - Related Data Charts - There are charts showing European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][21]

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: October 22, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - Despite the traditional off - season in October, supply pressure exists due to limited capacity control, and spot freight rates are falling. However, shipping companies are raising rates for the second half of October and November, and the freight rate is likely to bottom out and rebound, with the bottom possibly reached this year. The December contract has an opportunity for a rebound from oversold conditions [8]. - The China export container shipping market continued its rebound this week. Transport demand was generally stable, and ocean - going route freight rates increased, driving up the composite index. China's exports in September showed good growth, and the trade with the EU was particularly strong [9]. 3. Summary by Directory 3.1行情回顾与操作建议 - In October, it's the traditional off - season with supply pressure. Shipping companies are raising rates for the second half of October and November. For example, Maersk's rates for the Shanghai - Rotterdam route increased. The Israel - Hamas conflict may affect the Red Sea route, and the December contract has an oversold repair opportunity [8]. 3.2行业要闻 - The China export container shipping market continued to rebound. China's exports in September increased by 8.3% year - on - year. The EU route had strong growth, with a 14.2% year - on - year increase in September. The Mediterranean route's freight rates also rose. The North American route had a "抢出口" effect in the short term despite challenges. The Israel - Hamas conflict has escalated, and the international community believes Hamas has violated the cease - fire agreement [9][10]. 3.3数据概览 3.3.1集运现货价格 - The Shanghai Export Container Settlement Freight Index for the European route on October 20, 2025, was 1140.38, up 10.5% from October 13. The index for the US West route was 863.46, up 0.1% [12]. 3.3.2集运指数（欧线）期货行情 - The report provides the trading data of container shipping futures on the European line on October 21, including the contract, previous settlement price, opening price, closing price, settlement price, change, change rate, trading volume, open interest, and open interest change [6]. 3.3.3航运相关数据走势图 - The report presents various shipping - related data charts, such as container ship capacity in Europe, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][21]

日期 2025 年 10 月 21 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 行业 集运指数日报 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货10月20日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2510 | 1,098.8 | 1,107.8 | 1,100.1 | 1,102.6 | 1.3 | 0. ...

行业 集运指数日报 日期 2025 年 10 月 15 日 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货10月14日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2510 | 1,133.1 | 1,135.0 | 1,136.2 | 1,134.4 | 3.1 | 0.27 | 4897 | 13155 | -2993 | | EC2512 | 1,559.4 | 1,558.0 | 1,674.1 | 1,639.0 | 114.7 | 7.36 | 46708 | 27191 | -1580 | | EC2602 | 1,358.0 | 1,360.0 | 1,464.4 | 1,416.6 | 106.4 | 7.84 | 10299 | 9710 | 334 | | EC2604 | 1,09 ...

行业 集运指数日报 日期 2025 年 10 月 14 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 当日行情： 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货10月13日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2510 | 1,125.5 | 1,129.9 | 1,129.4 | 1,133.1 | 3. ...

Report Information - Report Type: Daily Report on Container Shipping Index [18] - Date: October 13, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - No information provided Core Viewpoints - The 9 - 10 month period is a traditional off - season, with limited capacity regulation and persistent supply pressure, leading to a continuous decline in spot freight rates. However, shipping companies are raising freight rates for the second half of October in preparation for the year - end long - term contract season, and a bottoming - out and recovery trend is likely to form. The cease - fire agreement between Israel and Hamas has impacted the market, but there is uncertainty about its implementation and whether it can promote the resumption of Red Sea shipping, presenting potential opportunities for an oversold rebound [8] Summary by Directory 1. Market Review and Operation Suggestions - The current freight rate spot is continuously falling due to the traditional off - season and supply pressure. Shipping companies are raising rates for the second half of October, and a recovery trend may form. The cease - fire agreement between Israel and Hamas impacts the market, with uncertainty about its implementation and Red Sea resumption, and there may be oversold repair opportunities [8] 2. Industry News - From September 22 to 26, China's export container transport demand weakened, and the comprehensive index continued to decline. European, Mediterranean, and North American routes all saw a decline in freight rates. A cease - fire agreement was announced by Hamas, but there are contradictions in reports, and there are still major differences between Israel and Hamas. Negotiations are ongoing, and the Houthi armed forces launched suicide drones at Israel [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From September 29 to October 6, 2025, the SCFIS for the European route decreased from 1120.49 to 1046.5, a decline of 6.6%. The SCFIS for the US West route decreased from 921.25 to 876.82, a decline of 4.8% [12] 3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of container shipping European line futures on October 10, including the opening price, closing price, settlement price, price change, trading volume, open interest, etc. of different contracts such as EC2510, EC2512 [6] 3.3 Shipping - Related Data Charts - The report includes charts of European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][19]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market opened high and moved low on Monday. In the morning, it might have been trading on the price support in mid - October (CMA price increase) and the suspension of the China - Europe Railway Express (with limited actual impact), and then the decline was likely affected by the falling spot prices. The basis for October was around 60 points, and the spread between October and December was - 560 (-20) [1]. - The price is still falling in early October. There is an expected price increase in late October, but under the suppression of the off - season, the expectation may not be well - realized, and it is more likely to stabilize. In the medium term, there are multiple upward drivers [1]. - The valuation of the December contract is not low. The 02 contract may have a higher cost - performance ratio for long - allocation than the December contract because the Spring Festival in 2026 is relatively late (February 17, 2026), and the settlement price of the 02 contract may be higher. The current valuation of the 04 contract is also high, and as an off - season contract, it is more suitable for short - allocation in the short term, but its low liquidity may make it vulnerable to fluctuations. Therefore, the long - 02 and short - 04 spread trading can be considered. In addition, attention should be paid to the fluctuations caused by pre - holiday position reduction, and the risk of capital position transfer for the October contract with a large number of open positions [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Information - **Futures Contract Prices and Changes**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1093.7, 1653.9, 1573.6, 1275.0, and 1454.5 respectively, with changes of 4.11%, 1.47%, 0.71%, 2.00%, and 1.07%. The open interest of EC2510, EC2512, EC2602, EC2604, and EC2606 was 46030 (-1685), 21956 (-124), 7398 (122), 8922 (81), and 0 (-33) respectively [1]. - **Monthly Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 were - 560.2 and 80.3 respectively, with month - on - month changes of 19.3 and 12.8, and week - on - week changes of - 56.1 and - 21.4 [1]. 3.2 Spot Market Information - **Spot Freight Indexes**: The SCHIC SCFI (European line) was 1440.24 dollars/TEU on September 15 and 1052 dollars/TEU on September 19, with decreases of 8.06% and 8.84% compared to the previous period. The CCFI was 1470.97 points on September 19, a decrease of 4.31% from the previous period. The NCFI was 673.61 points on September 19, a decrease of 7.65% from the previous period [1]. 3.3 Recent European Line Quotation Information - **Week 39 (End of September)**: The average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK's quotation was initially 1500 US dollars and then rose to 1570 US dollars. The PA Alliance's quotation was 1550 - 1600 US dollars, and the OA Alliance's was 1600 - 1720 US dollars [2]. - **Weeks 40 - 41 (Early October)**: The average quotation was 1450 US dollars (equivalent to 1030 points on the futures market). MSK's quotation was 1400 US dollars, the PA Alliance's was 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest of the year), and the OA Alliance's was 1400 - 1600 US dollars [2]. - **Monday Changes**: OOCL's price dropped 50 to 1400 US dollars, and MSC's dropped 100 to 1490 US dollars. HPL - SPOT quoted 1435 for early October, 2035 for late October, and 2525 for November (HPL - SPOT's quotations usually fluctuate greatly and have limited reference value) [2]. 3.4 Related News - As of September 22, 2025, 157 out of 193 UN member states had recognized the State of Palestine. Israel stated that its war goal "is not limited to Gaza", and the rift in the Western world's consensus on Israel's policy was gradually widening [3].