Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For the EC2602 contract, the future price depends on the spot market. With high运力 and good demand, it's difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. At the current position, it's not recommended to enter the market [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The recommended strategy is to short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of expected route resumption and off - season, the strategy for the EC2610 contract is to short on rallies [3]. 3. Summary by Directory Futures Contract Data - **Contract Prices and Changes**: The EC2602 contract closed at 1795.1, down 1.53%; EC2604 at 1160.2, down 0.83%; EC2606 at 1370.0, down 0.29%; EC2608 at 1500.1, up 0.16%; EC2610 at 1056.0, up 0.12% [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 2582; EC2604 increased by 44; EC2606 decreased by 1249; EC2608 decreased by 10; EC2610 increased by 72 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 decreased by 18.1 compared to the previous day and 70.1 compared to the previous week; the spread of EC2504 - 2606 decreased by 5.7 compared to the previous day and 56.6 compared to the previous week [2]. Spot Market Data - **Spot Indexes**: The SCEIS SCFI (European Line) increased by 9.66% on December 29, 2025, and 10.24% on December 26, 2025; the CCFI increased by 3.06% on December 26, 2025; the NCFI increased by 7.22% on December 26, 2025 [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 US dollars, equivalent to about 1950 points on the futures market; in Week 2, MSK kept the price at 2500 US dollars, with the price at Hamburg Port increasing by 100 to 2600 US dollars; in Week 3, MSK's opening price increased by 100 to 2600 US dollars [4]. Related News - On December 31, Iran's Foreign Minister stated that Iran will not give up peaceful nuclear technology and can reach a fair agreement through serious negotiations with the condition of lifting sanctions; Israel's Prime Minister claimed that Iran is resuming ballistic missile production [5]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - SCFIS and SCFI indices have significantly increased, boosting bullish sentiment, but the market pulled back after reaching a high due to pre - holiday caution about funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates [5][6]. - The tariff issue has a marginal effect, and the current core is 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 [5]. 3. Summary by Related Content 3.1 Freight Rate 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 European line price was 1690 USD/TEU, up 10.24% from the previous period; the US - West route 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 European route was 1144.37 points, up 7.22% from the previous period; the US - West route 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 European route was 1473.90 points, up 0.2% from the previous period; the US - West route was 792.06 points, down 0.9% from the previous period [4]. 3.2 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 services PMI preliminary value was 53.1, better than both 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 value of - 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 preliminary value of the US November S&P Global services PMI was 55, better than the expected 54.6 and the previous value of 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, better than the expected 54.6 and the previous value of 54.6 [5]. 3.3 Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, a decrease of 1412 lots from the previous day [6]. 3.4 Trading Strategies - Short - term strategy: The main contract reached a new high, and it has been recommended to take full profits. It is recommended to wait and see in the short term 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 has been recommended to take profits when each contract reaches a high, wait for the callback to stabilize, and then judge the subsequent direction [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - SCFIS has significantly increased, but the futures market has fallen after reaching a high due to pre - holiday caution towards funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates. 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 [1][5][6] - The tariff issue has a marginal effect, and the current focus is on the trend of spot freight rates. The main contract has had a seasonal rebound, suggesting light - position participation or waiting and seeing [5] Summary by Relevant Catalogs SCFIS and NCFI Freight Indexes - 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 [4] - On December 26, 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] Economic Data - The preliminary value of the Eurozone's November composite PMI 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 and expected values, 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 preliminary value of the US November S&P Global services PMI was 55, higher than the expected 54.6 and the previous 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, higher than the expected and previous values of 54.6 [5] Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, down 1412 lots from the previous day [6] Investment Strategies - Short - term strategy: The main contract has reached a new high, and it is recommended to take all profits. It is advisable to wait and see for the short term and not to add more positions [7] - Arbitrage strategy: Against the backdrop 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 is recommended to take profits when each contract reaches a high and wait for the price to stabilize after a pull - back before determining the subsequent direction [7] Contract Adjustments - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [7] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28% [7] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7] Geopolitical News - On December 28, local time, the Israeli Defense Forces confirmed that last week, its delegation signed a tri - lateral military cooperation work plan for 2026 with military representatives from Greece and Cyprus in Cyprus, and also signed bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, future performance depends on spot trends. It's hard to predict the peak height and timing of January freight rates and subsequent price - drop rhythms, so entry at the current level is not recommended [3]. - The EC2604 contract has a moderately high valuation, but there is short - term upward risk. The strategy is mainly to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Given the long - term logic of resumption of shipping and the off - season, the strategy for the EC2610 contract is to go short on rallies [3]. 3. Summary by Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 (- 0.09%); EC2604 at 1169.9 (+ 1.31%); EC2606 at 1374.0 (+ 4.39%); EC2608 at 1497.7 (+ 0.78%); EC2610 at 1054.7 (+ 0.51%) [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 spread was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2]. Spot Market - **Indices and Changes**: The SCFIS (European Line) index on 2025/12/29 was 1742.64, up 9.66% from the previous period; the SCH (European Line) spot price on 2025/12/26 was 1690 dollars/TEU, up 10.24%; the CCFI was 1519.06, up 3.06%; the NCFI was 1144.37, up 7.22% [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 dollars, equivalent to about 1950 points on the futures market. In Week 2, MSK kept the price at 2500 dollars, with the price at Hamburg Port rising to 2600 dollars [4]. Geopolitical News - On 12/30, Trump said he and Netanyahu reached an agreement on most matters, and they discussed Hamas disarmament and the second - phase plan for Gaza [4]. - On 12/29, Hamas claimed that Israel did not fulfill the cease - fire agreement and called on the US to pressure Israel [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the EC2602 contract, its future price mainly depends on the spot market. The peak height and timing of freight rates in January, as well as the subsequent decline rhythm, are difficult to predict. It is not recommended to enter the market at the current level [3][12] - The EC2604 contract has a moderately high valuation, but it may follow the spot market or recover the basis in the short - term. It is advisable to short on rallies [3][12] - The far - month contracts are highly affected by geopolitical factors. It is safer to short the off - peak season contracts than the peak - season contracts. Pay attention to the shorting opportunity of the EC2610 contract [3][12] 3. Summary by Relevant Catalog Futures Market Data - EC2512: Yesterday's closing price was 1608.0, with a change of 0.13%, a change value of - 18.8. Yesterday's trading volume was 112, and the position decreased by 76 to 1714 [2][11] - EC2602: The price was 1799.7, up 0.22%, with a change value of - 210.5. The trading volume was 28762, and the position was 34250, a decrease of 66 [2][11] - EC2604: The price was 1164.5, down 0.04%, with a change value of 424.7. The trading volume was 6267, and the position increased by 264 to 21254 [2][11] - EC2606: The price was 1320.0, up 0.08%, with a change value of 269.2. The trading volume was 258, and the position decreased by 19 to 2126 [2][11] - EC2608: The price was 1496.7, up 1.06%, with a change value of 92.5. The trading volume was 112, and the position decreased by 12 to 1181 [2][11] - EC2610: The price was 1059.0, up 0.715%, with a change value of 530.2. The trading volume was 811, and the position increased by 2777 to 5941 [2][11] Month - spread Data - EC2512 - 2504: The month - spread was 443.5, with a daily increase of 2.6 and a weekly decrease of 64.4 [2][11] - EC2512 - 2602: The month - spread was - 191.7, with a daily decrease of 1.8 and a weekly decrease of 123.9 [2][11] - EC2502 - 2604: The month - spread was 635.2, with a daily increase of 4.4 and a weekly increase of 59.5 [2][11] Spot Market Index Data - SCFIS (European Line): Updated every Monday, the value on 2025/12/22 was 1589.20 points, up 5.21% from the previous period [2][11] - SCFI (European Line): Updated every Friday, the value on 2025/12/19 was 1533 dollars/TEU, down 0.33% from the previous period [2][11] - CCFI: Updated weekly on a certain day, the value on 2025/12/19 was 1473.9 points, up 0.23% from the previous period [2][11] - NCFI: Updated weekly on a certain day, the value on 2025/12/19 was 1067.29 points, up 0.30% from the previous period [2][11] European Line Spot Situation - In Week 52, MSK opened the cabin at 2300 dollars (a decrease of 100 dollars compared to the previous week), and other companies mainly followed Week 51 prices. The central price was 2500 dollars, equivalent to about 1750 points on the futures盘面 [4][13] - All shipping companies are calling for a price increase for January cabins. MSK's January upper - half quote is 2500 dollars, and it will rise to 2600 dollars in week 2 to Hamburg, while other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 dollars [4][13] Geopolitical News - On December 25, 2025, Israeli Defense Minister Katz stated that Israel will never completely withdraw from the Gaza Strip and will establish a security zone inside the Gaza Strip in the future [4][13]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 26, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The spot SCFIS index rebounded slightly by 5.2% to 1,589.2 points this week. The price increase in mid - and late December was well - implemented, with full cabins and some voyages over - booked in the second - last week of December. CMA CGM announced a price increase for the Asia - Europe route in January, but the actual price implementation of some shipping companies was lower than the announced increase. The market may have an incentive game for the pre - Spring Festival shipping rush, with potential upside for the February contract and opportunities for shorting the April contract in the off - season and a positive spread between the 02 and 04 contracts [8]. 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index rose 5.2% to 1,589.2 points this week. The price increase in December was well - implemented, but the actual price of some shipping companies in January was lower than the announced increase. There may be an upside for the February contract, and attention should be paid to shorting opportunities for the April contract and the 02 - 04 positive spread [8]. 3.2 Industry News - **Market Conditions**: From December 15th to 19th, the China export container shipping market was generally stable, with some long - haul routes seeing rising freight rates. China's November exports in US dollars increased by 5.9% year - on - year, and the trade surplus exceeded 1 trillion US dollars in the first 11 months. The Shanghai Export Containerized Freight Index rose 3.1% on December 19th. The eurozone's December business activity growth slowed, and the European route's freight rate declined slightly. The Mediterranean route's freight rate increased, and the North American route's freight rate also rose [9][10]. - **Shipping Company Policies**: Multiple shipping companies, including MSC, CMA CGM, Maersk, and Hapag - Lloyd, announced price increases and additional fees for various routes [10]. - **Geopolitical News**: The Israeli military killed several Hamas members in Rafah, and there were reports about the connection between armed militants in Rafah tunnels and Hamas. The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation, but Maersk later denied it [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS for the European route increased from 1,510.56 on December 15th to 1,589.2 on December 22nd, a rise of 5.2%. The SCFIS for the US West route increased from 924.36 to 962.1, a rise of 4.1% [12]. - **Container Shipping Index (European Line) Futures Quotes**: The trading data of various EC contracts on December 25th, including opening price, closing price, settlement price, price change, and trading volume, are presented in Table 1 [6].

Group 1: Report Core View - The price of EC2602 mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - drop rhythm. At the current level, it's not recommended to enter the market [1] - The valuation of EC2604 is moderately high. In the short - term, it may follow the spot market or recover the basis. The strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Pay attention to shorting opportunities in the EC2610 contract [2] Group 2: Futures Market Data Futures Contract Prices and Changes - EC2512 closed at 1608.0 with a change of 0.13% and a decrease of 18.8, trading volume of 112 and open interest of 1714 (a decrease of 76) [1] - EC2602 closed at 1799.7 with a change of 0.22% and a decrease of 210.5, trading volume of 28762 and open interest of 34250 (a decrease of 66) [1] - EC2604 closed at 1164.5 with a change of - 0.04% and an increase of 424.7, trading volume of 6267 and open interest of 21254 (an increase of 264) [1] - EC2606 closed at 1320.0 with a change of 0.08% and an increase of 269.2, trading volume of 258 and open interest of 2126 (a decrease of 19) [1] - EC2608 closed at 1496.7 with a change of 1.06% and an increase of 92.5, trading volume of 112 and open interest of 1181 (a decrease of 12) [1] - EC2610 closed at 1059.0 with a change of 0.75% and an increase of 277, trading volume of 811 [1] Futures Spread Data - The spread between EC2512 and EC2504 was 443.5, with a daily - on - daily change of - 123.9, weekly - on - weekly change of - 191.7 and monthly - on - monthly change of - 1.8 [1] - The spread between EC2512 and EC2602 was - 189.9, with a daily - on - daily change of 4.4, weekly - on - weekly change of 59.5 [1] - The spread between EC2502 and EC2604 was 630.8, with a daily - on - daily change of - 17.8, weekly - on - weekly change of - 13.4 [1] Group 3: Spot Market Data European Line Spot Market - In Week 52, Maersk (MSK) opened at 2300 (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51 rates. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market [3] - All shipping companies are raising the price of January cabins. Maersk's January upper - half price is 2500, and it will rise to 2600 in Week 2 to Hamburg, while prices for other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 US dollars [3] Shipping Index Data - The SCFIS (European Line) index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from two periods ago, updated weekly [1] - On December 19, 2025, the SCFI (European Line) was 1533, up 0.23% from the previous period and 9.86% from two periods ago, updated weekly [6] - On December 19, 2025, the CCFI was 1473.9, up 0.30% from the previous period and 9.98% from two periods ago, updated weekly [6] - On December 19, 2025, the NCFI was 967.55, down from 1067.29 in the previous period, updated weekly [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - With MSK's first passage through the Red Sea and a subsequent rise - fall in the market, there may be a reversal signal. It is recommended to take profits and adopt a short - term wait - and - see approach [2]. - The tariff issue has a marginal effect, and the current core lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, suggesting light - position participation or waiting and seeing [4]. - Optimistic sentiment has faded, and with long - position funds exiting for observation, the market is under pressure and fluctuating weakly. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4]. 3. Summary by Related Contents 3.1 Freight Index Data - On December 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1589.20 points, up 5.2% from the previous period; for the US West route, it was 962.10 points, up 4.1% from the previous period [3]. - On December 19, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 3.20% from the previous period; the European route index was 1067.29 points, up 0.30% from the previous period; the US West route index was 1228.34 points, up 19.28% from the previous period [3]. - On December 19, the Shanghai Export Container Freight Index (SCFI) composite index was 1552.92 points, up 46.46 points from the previous period; the European route price was 1533 USD/TEU, down 0.33% from the previous period; the US West route was 1992 USD/FEU, up 11.91% from the previous period [3]. - On December 19, the China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period; the European route index was 1473.90 points, up 0.2% from the previous period; the US West route index was 792.06 points, down 0.9% from the previous period [3]. 3.2 Economic Data - The eurozone's November composite PMW preliminary value was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMMI was 53.1, higher than the previous value and the expected value [3]. - The eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [3]. - In November, the manufacturing PMI in a region 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 and below the boom - bust line for the first time since 2023 [4]. - The US November S&P Global services PMI preliminary value was 55, with an expected value of 54.6 and a previous value of 54.8. The composite PMI preliminary value was 54.8, rising for the second consecutive month [4]. 3.3 Market Conditions of the Main Contract - On December 24, the main contract 2602 closed at 1795.8, down 1.63%, with a trading volume of 23,700 lots and an open interest of 34,300 lots, a decrease of 688 lots from the previous day [4]. 3.4 Investment Strategies - Short - term strategy: The main contract has reached a new high. It is recommended to take all profits and wait and see. Do not recommend additional positions [5]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a 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, and then judge the subsequent direction after waiting for a pull - back and stabilization [5]. 3.5 Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [5]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]. 3.6 Geopolitical Information - On December 22, the Iranian Foreign Ministry Spokesperson emphasized that Iran's missile program is for self - sovereignty, and its defense capabilities will not be a negotiation topic. He also pointed out that the root cause of the Middle East's plight is Israel's aggression and crimes against the Palestinian people, and the resistance movement will not stop as long as Israel's crimes continue [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - At the current price level, it's not recommended to enter the market as it's difficult to predict the peak height, time, and subsequent price - drop rhythm of the freight rate in January [3]. - The valuation of the 04 contract is moderately high, but it may follow the spot price or recover the basis in the short - term. Pay attention to short - selling opportunities in the near future [3]. - The far - month contracts are greatly affected by geopolitical factors. It's safer to short the off - season contracts than the peak - season contracts. Generally, use a positive - spread trading strategy and pay attention to short - selling opportunities in the 10 contract [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: On December 25, 2025, the closing price of EC2512 was 1605.9, down 0.01%. For other contracts like EC2602, EC2604, etc., there were different price changes. For example, EC2602 was at 1795.8, down 0.60%, and EC2604 was at 1165.0, up 0.60% [2]. - **Month - to - Month Spreads**: There were also changes in month - to - month spreads. For instance, EC2512 - 2504 was 440.9, with a daily decrease of 7.1 compared to the previous day [2]. Spot Market - **European Line Spot Situation**: In Week 52, MSK opened at 2300 (down 100 from the previous week), and other companies mainly followed Week 51 prices. The central price was around 2500 US dollars, equivalent to about 1750 points on the futures market. All shipping companies are raising prices for January cabins. MSK's January upper - half quote is 2500, and it will rise to 2600 in Week 2 to Hamburg, while other ports remain flat. The central quote of shipping companies in January is about 2500 - 2600 US dollars [4]. - **Spot Indexes**: As of December 22, 2025, the SCFIS (European Line) was 1589.20 points, up 5.21% from the previous period. As of December 19, 2025, the SCFI (European Line) was 1533 US dollars/TEU, the CCFI was 1473.9 points (up 0.23% from the previous period), and the NCFI was 1067.29 points (up 0.30% from the previous period) [2]. News and Geopolitical Factors - **Suez Canal**: On December 23, the Suez Canal Authority reported that two ships of CMA CGM passed through the canal [4]. - **Israel - Hamas Conflict**: On December 24, the Israeli Prime Minister's Office stated that Hamas violated the cease - fire agreement, and Hamas claimed that Israel's continuous attacks on Gaza hindered the peace plan [4].

Group 1: Report Summary - The report is a container shipping daily report dated December 24, 2025, focusing on shipping research [1] Group 2: Market Performance - On December 22, SCFIS (European route) was 1589.20 points, up 5.2% from the previous period; SCFIS (US West route) was 962.10 points, up 4.1% [3] - On December 19, SCFI published price was 1552.92 points, up 46.46 points from the previous period; SCFI European line price was 1533 USD/TEU, down 0.33%; SCFI US West route was 1992 USD/FEU, up 11.91% [4] - On December 19, NCFI (composite index) was 1094.77 points, up 3.20%; NCFI (European route) was 1067.29 points, up 0.30%; NCFI (US West route) was 1228.34 points, up 19.28% [5] - On December 19, CCFI (composite index) was 1124.73 points, up 0.6%; CCFI (European route) was 1473.90 points, up 0.2%; CCFI (US West route) was 792.06 points, down 0.9% [5] - On December 23, the main contract 2602 closed at 1806.6, down 0.86%, with a trading volume of 41,700 lots and an open interest of 35,000 lots, a decrease of 1506 lots from the previous day [7] Group 3: Economic Indicators - 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 services PMI preliminary value was 53.1, better than expected [6] - The eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 [6] - 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 [6] - The US November S&P Global services PMI preliminary value was 55, better than expected; the composite PMI preliminary value was 54.8, rising for the second consecutive month [6] Group 4: Market Analysis and Strategies - Spot freight rate increases were lower than expected, and long - positions taking profits led to downward pressure on the market. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [7] - Short - term strategy: After the main contract reached a new high, it was recommended to take full profits and wait and see, not to add positions [8] - Arbitrage strategy: In the context of international situation turmoil, contracts follow seasonal logic with large fluctuations. It is recommended to wait and see or try with light positions [8] - Long - term strategy: It was recommended to take profits when contracts reached high levels and wait for a pull - back to stabilize before judging the subsequent direction [8] - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [8] Group 5: Geopolitical Information - On December 22, the Iranian Foreign Ministry spokesman emphasized that Iran's missile program is for self - sovereignty, and its defense capabilities will not be a negotiation topic. He also pointed out that Israel's aggression is the root cause of the Middle East's problems [9]