1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 24, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Core Viewpoints - The SCFIS index rebounded slightly by 5.2% to 1589.2 this week, with good price increases in mid - and late December. There is still an expectation of price increases in late January, and the February contract may have some upside potential. Attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the February and April contracts [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index rose 5.2% to 1589.2 this week. Most shipping companies announced price increases in January, but the actual implementation was weaker than the announced levels. The market may have an incentive game for the pre - Spring Festival shipping peak, and there is still an expectation of price increases in late January. The February contract may have upside potential, and attention should be paid to the short - selling opportunity of the April contract in the off - season and the 02 - 04 positive spread arbitrage opportunity [8] 3.2 Industry News - **Overall Market**: From December 15th to 19th, the China export container shipping market was generally stable, with freight rates on some long - haul routes rising, driving the composite index up. China's exports in November increased by 5.9% year - on - year in US dollars, and the trade surplus exceeded 1 trillion US dollars in the first 11 months [9] - **European Routes**: Eurozone business activity growth slowed in December, with the composite PMI falling to 51.9. Freight demand was stable this week, and market freight rates declined slightly, with the Shanghai - Europe basic port market freight rate at $1533/TEU on December 19th, down 0.3% from the previous period [9] - **Mediterranean Routes**: The supply - demand fundamentals were slightly better than those of European routes, and the spot market booking price continued to rise, reaching $2833/TEU on December 19th, up 3.5% from the previous period [9][10] - **North American Routes**: The US labor market showed signs of further slowdown in November. Freight demand was stable this week, and the spot market booking price continued to rise, with the Shanghai - US West and US East basic port market freight rates at $1992/FEU and $2846/FEU respectively on December 19th, up 11.9% and 7.3% from the previous period [10] - **Shipping Company News**: Many shipping companies such as MSC and CMA CGM announced price increases on multiple international routes in December. Maersk and Hapag - Lloyd announced increases in peak - season surcharges, and CMA CGM will levy a peak - season surcharge of $250 per TEU on Asian - Nordic routes from December 29th and adjust the FAK rate on January 1st [10] - **Geopolitical News**: The Israeli military killed several Hamas members in the Rafah area, and armed militants in the Rafah tunnels are still in direct contact with the Hamas military leadership. Maersk's statement on resuming Red Sea - Suez Canal navigation was "clarified" [10] 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS European route index rose from 1510.56 to 1589.2, a increase of 5.2%, and the US West route index rose from 924.36 to 962.1, a increase of 4.1% from December 15th to 22nd [12] - **Container Shipping Index (European Route) Futures**: The trading data of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts on December 23rd are presented, including opening price, closing price, settlement price, price change, price change rate, trading volume, open interest, and open interest change. For example, the EC2606 contract rose 26.1 points, a 2.00% increase [6]

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core Views of the Report - The near - term contracts of the Container Shipping Index (European Line) are oscillating weakly, and the far - term contracts need to focus on the progress of the second - stage cease - fire negotiation in Gaza [1][9] - For the 2602 contract, the core issues are the price height, inflection point time, and price decline rate. It is expected to oscillate widely between 1700 - 1900 points in the short term, and it is advisable to wait and see [11][13] - For the 2604 contract, shorting on rallies has a relatively higher winning rate. Its bottom valuation in the first stage can be anchored at the lowest point of the 2025 SCFIS index, 1031 points. It is recommended to roll short following the 02 valuation [13] - For the 2610 contract, pay attention to the progress of the second - stage cease - fire negotiation in Gaza and consider gradually shorting [13] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: EC2512 closed at 1,630.1 with a daily increase of 0.21%, EC2602 at 1,719.8 with a 3.66% increase, and EC2604 at 1,128.8 with a 1.66% increase. The difference between EC2512 and EC2604 is 501.3, and between EC2602 and EC2604 is 591.0 [1] - **Freight Rate Index**: The SCFIS European route was at 1,589.20 points with a weekly increase of 5.2%, and the SCFIS US - West route was at 962.10 points with a 4.1% increase. The SCFI European route was at $1,533/TEU with a bi - weekly decrease of 0.3%, and the SCFI US - West route was at $1,992/FEU with an 11.9% increase [1] - **Spot Freight Rates**: Different carriers' prices for the Shanghai - Rotterdam route range from $1,418 - $3,010 for 40'GP and $1,530 - $1,955 for 20'GP [1] - **Exchange Rates**: The US dollar index was at 98.26, and the US dollar against the offshore RMB was at 7.03 [1] 3.2 Macro News - On December 19, Maersk's Sebarok, a 6,500 TEU Singapore - flagged container ship built in 2007, completed crossing the Mandeb Strait and entered the Red Sea, the first Maersk ship to pass through the strait in nearly two years, operating on the MECL route (India - US) [8][10] - On December 23, the Israeli Defense Minister's Office stated that the Israeli government has no intention of establishing Jewish settlements in the Gaza Strip, after earlier remarks from the defense minister about building new "outposts" in northern Gaza [8] 3.3 Market Analysis - **Supply Side**: In January, the weekly average capacity is maintained at 318,000 TEU/week. The undetermined voyages are reduced to 1 ship. The capacity in the second week is revised down from 332,000 to 318,000 TEU due to new passive blank sailings in AEU7, and the capacity in the fourth week is revised up from 315,000 to 329,000 TEU [9] - **Demand Side**: In late December, major shipping companies started the container - skipping mode. The loading performance of the PA Alliance has improved significantly, laying the foundation for the price increase in early January. The overall booking in the first week of January is slow, and the peak cargo volume may appear around mid - January and then decline [10] - **Price Forecast**: In early January, the second - week SPOT average of some carriers is expected to be around $2,550 - $2,600. The weekly FAK average in the second week is revised down by $100 to around $2,700/FEU. In late January, shipping companies have the incentive to reduce prices to stockpile goods [12][13]

1. Report Information - Report Name: "集运指数日报" [1] - Date: December 23, 2025 [2] - Researcher Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating No information provided. 3. Core Viewpoints - The SCFIS index rebounded slightly by 5.2% to 1589.2 points this week, and the price increase in mid - to late December was well - implemented. There is still an upward expectation for the price increase in late January, and the February contract may have some upward space. Attention should be paid to short - selling opportunities in the April contract during the off - season and positive spread trading opportunities between 02 and 04 contracts [8]. - The overall situation of China's export container shipping market was stable from December 15th to 19th, with the comprehensive index rising. China's export shows strong resilience, but the economic prospects of Europe and the US face challenges [9]. 4. Summary by Directory 4.1行情回顾与操作建议 - Spot market: The SCFIS index rose 5.2% to 1589.2 points this week. The price increase in mid - to late December was well - implemented, with full cabins in the second - last week of December and some voyages over - booked. CMA CGM announced a price increase for January on the Asia - Europe route, but the actual price increase implementation was less than the announced level. There may be an incentive game for the pre - Spring Festival shipping season, and there is still an expectation for a price increase in late January [8]. - Operation suggestions: Pay attention to short - selling opportunities in the April contract during the off - season and positive spread trading opportunities between 02 and 04 contracts [8]. 4.2行业要闻 - Market situation from December 15th to 19th: China's export container shipping market was stable overall, with the comprehensive index rising. China's export showed strong resilience, but the economic prospects of Europe and the US were not optimistic. The European route's freight rate declined slightly, the Mediterranean route's freight rate rose, and the North American route's freight rate continued to rise [9][10]. - Shipping company announcements: Multiple shipping companies such as MSC, CMA CGM, Maersk, and Hapag - Lloyd announced price increases or PSS adjustments for various routes [10]. - Geopolitical news: The Israeli military killed several Hamas members. The armed militants in Rafah tunnels are still in direct contact with the Hamas military leadership. Maersk's statement on resuming Red Sea - Suez Canal navigation was "clarified" [10]. 4.3数据概览 4.3.1集运现货价格 - SCFIS: The European route index rose 5.2% to 1589.2 points, and the US West route index rose 4.1% to 962.1 points from December 15th to 22nd [12]. 4.3.2集运指数（欧线）期货行情 - Transaction data of container shipping futures on the European line on December 18th: Contracts such as EC2512, EC2602, etc. showed different price changes, trading volumes, and open interest changes. For example, EC2602 had a significant price increase of 8.77% [6]. 4.3.3航运相关数据走势图 - Various shipping - related data charts are provided, including container ship capacity in Europe, global container ship orders, Shanghai - Europe basic port freight rates, etc. [17][18][20]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current valuation of the 02 contract is high, and future performance depends on spot cargo trends. Short - term sentiment is positive due to spot improvement, but it's difficult to predict the peak height and time of January freight rates and subsequent price - drop rhythms. It's not recommended to enter the market at the current level [3]. - The valuation of the 04 contract is moderately high. It may follow the spot market or recover the basis in the short term. Attention should be paid to short - selling opportunities [3]. - Far - month contracts are greatly affected by geopolitical factors. Short - selling off - season contracts is safer than short - or long - selling peak - season contracts. An overall positive spread strategy should be adopted, and attention should be paid to short - selling opportunities for the 10 contract [3]. 3. Detailed Summaries Futures Contracts - **Contract Prices and Changes**: EC2512 closed at 1631.0 with a 0.06% increase; EC2602 at 1871.8 with an 8.84% increase; EC2604 at 1166.8 with a 3.37% increase; EC2606 at 1320.0 with a 2.46% increase; EC2608 at 1486.2 with a 2.27% increase; EC2610 at 1061.0 with a 1.02% increase. The trading volumes were 100, 52704, 11708, 587, 256, and 1449 respectively, and the open interests were 1956, 36510, 20471, 2184, 1197, and 5401 respectively, with changes of - 27, 5003, 1634, - 36, - 91, and 466 [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 464.2, with a day - on - day change of - 37.1 and a week - on - week change of - 79.8; EC2512 - 2602 was - 240.8, with a day - on - day change of - 151.1 and a week - on - week change of - 213.0; EC2502 - 2604 was 705.0, with a day - on - day change of 114.0 and a week - on - week change of 133.2 [2]. Spot Market - **Spot Indexes**: The TEU index updated on 2025/12/22 was 1589.20, up 5.21% from the previous period. SCF on 2025/12/19 was 1533 dollars/TEU, down 0.3% from the previous period. CCFI on 2025/12/19 was 1473.9 points, up 0.23% from the previous period. NCFI on 2025/12/19 was 1067.29 points, up 0.30% from the previous period [2]. - **European Line Spot Situation**: In Week 52, MSK's opening price was 2300 dollars (down 100 dollars from 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. All shipping companies are raising prices for January cabins. In Week 1, MSK's opening price was 2500 dollars (up 200 dollars from the previous week), and the prices of other shipping companies are yet to be announced [4]. News and Geopolitical Factors - The US plans to hold a Gaza reconstruction conference to promote a new round of cease - fire. The meeting may be held as early as next month, and Washington is a potential venue. Egypt and other locations are also being considered. The meeting is likely to be held after the "Peace Committee" is established [4]. - The Turkish Foreign Minister expects the second phase of the Gaza cease - fire agreement to start early in the new year [4].

大宗商品研究所 航运研发报告 航运日报 2025 年 12 月 22 日 研究员：贾瑞林 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 收盘价 涨跌 | | | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2512 | 1,631.0 | 0.9 | 0.06% | 100.0 | -46.24% | 1,956.0 | -1.36% | | EC2602 | 1,871.8 | 152.0 | 8.84% | 52,704.0 | 66.66% | 36,510.0 | 15.88% | | EC2604 | 1,166.8 | 38.0 | 3.37% | 11,708.0 | 177.11% | 20,471.0 | 8.67% | | EC26 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The bullish sentiment has rebounded again, with the market showing a strong and volatile trend, which is in line with the daily report's expectations. It is recommended to take full profits. The tariff issue has a marginal effect, and the core now lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate lightly or wait and see. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [1][2] Summary by Related Catalogs SCFIS and NCFI Freight Rate Indexes - On December 19, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20% from the previous period. The Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1510.56 points, up 0.1% from the previous period. The NCFI (European route) was 1067.29 points, up 0.30% from the previous period. The SCFIS (US West route) was 924.36 points, down 3.8% from the previous period. The NCFI (US West route) was 1228.34 points, up 19.28% from the previous period [1] - The Shanghai Export Container Freight Index (SCFI) announced a price of 1552.92 points on December 19, up 46.46 points 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 SCFI European route price was 1533 USD/TEU, down 0.33% from the previous period. The CCFI (European route) was 1473.90 points, up 0.2% from the previous period. The SCFI US West route was 1992 USD/FEU, up 11.91% from the previous period. The CCFI (US West route) was 792.06 points, down 0.9% from the previous period [1] PMI Data - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, with the business climate improving. 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 [2] - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October data of 52.5 but still above the boom - bust line of 50, basically in line with expectations. The preliminary value of the services PMI was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, recording the best monthly performance in a year and a half. The Eurozone's December Sentix Investor Confidence Index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1] - The preliminary value of the US November S&P Global Services PMI was 55, with an expected value of 54.6 and a 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, with an expected value of 54.6 and a previous value of 54.6 [2] Market and Contract Information - On December 19, the main contract 2602 closed at 1719.8, with a decline of 3.66%, a trading volume of 31,600 lots, and an open interest of 31,500 lots, a decrease of 136 lots from the previous day [2] - The market's long - short game is fierce, with no obvious trading direction. The bearish sentiment has subsided, and the bullish sentiment has rebounded again, with the market showing a strong and volatile trend [1][2] Strategy Suggestions - Short - term strategy: The main contract has rebounded after a pullback, and the volatility of far - month contracts has slowed down. Risk - takers have been recommended to go long on the main contract with a light position and have been advised to take full profits. It is not recommended to add more positions or hold losing positions. Set stop - losses [3] - 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 [3] - Long - term strategy: It has been recommended to take profits when each contract reaches a high point, wait for the price to stabilize after a pullback, and then judge the subsequent direction [3] Other Information - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [3] - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [3] - The intraday opening limit for all contracts from 2508 - 2606 is 100 lots [3] - On December 19, Turkish, US, Qatari, and Egyptian officials held a meeting in Miami to discuss the implementation of the first - phase of the Gaza cease - fire agreement and the arrangements for the transition to the second phase. Although there have been multiple violations, the cease - fire has generally continued, the release of detainees has been completed, and ground conflicts have significantly decreased [4]

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The bullish sentiment has rebounded again, and the market is oscillating strongly, which is in line with the daily report's expectation, and all positions have been advised to take profit. The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has shown a seasonal rebound, so it is recommended to participate lightly or wait and see [1][2]. - The market is in a fierce long - short game with no obvious trading direction. The bearish sentiment has subsided, and the bullish sentiment has rebounded again. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2]. 3. Summary by Relevant Catalog SCFIS and NCFI Freight Indexes - On December 19th, compared with the previous period: the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 3.20%; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1510.56 points, up 0.1%; the NCFI (European route) was 1067.29 points, up 0.30%; the SCFIS (US West route) was 924.36 points, down 3.8%; the NCFI (US West route) was 1228.34 points, up 19.28% [1]. - Also on December 19th, compared with the previous period: the Shanghai Export Container Freight Index (SCFI) announced price was 1552.92 points, up 46.46 points; the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6%; the SCFI European route price was 1533 USD/TEU, down 0.33%; the CCFI (European route) was 1473.90 points, up 0.2%; the SCFI US West route was 1992 USD/FEU, up 11.91%; the CCFI (US West route) was 792.06 points, down 0.9% [1]. PMI Data - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, and the business climate improved. 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 [2]. - The eurozone's November composite PMI flash was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI flash was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The eurozone's December Sentix Investor Confidence Index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1]. - The US November S&P Global Services PMI flash was 55, expected to be 54.6, with a previous value of 54.8. The US November S&P Global Composite PMI flash was 54.8, rising for the second consecutive month, expected to be 54.6, with a previous value of 54.6 [2]. Market Conditions of the Main Contract - On December 19th, the main contract 2602 closed at 1719.8, with a decline of 3.66%, a trading volume of 31,600 lots, and an open interest of 31,500 lots, a decrease of 136 lots from the previous day [2]. Trading Strategies - Short - term strategy: The main contract has rebounded after a pull - back, and the volatility of far - month contracts has slowed down. Risk - takers have been advised to go long on the main contract lightly, and all positions have been advised to take profit. It is not recommended to add more positions or hold losing positions, and stop - losses should be set [3]. - 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 lightly [3]. - Long - term strategy: Each contract has been advised to take profit when it reaches a high, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [3]. - Circuit - breaker limits: The circuit - breaker limits for contracts 2508 - 2606 have been adjusted to 18%. - Margin requirements: The company's margin requirements for contracts 2508 - 2606 have been adjusted to 28%. - Intraday opening limits: The intraday opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical News - On December 19th, officials from Turkey, the US, Qatar, and Egypt held a meeting in Miami, USA, to discuss the implementation of the first phase of the Gaza cease - fire agreement and the arrangements for the transition to the second phase. The cease - fire has generally continued, the release of detainees has been completed, and ground conflicts have significantly decreased [4].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, its future trend mainly depends on the spot price. The contradiction lies in the peak height and time of the freight rate in January. Given the current valuation, the risk - reward ratio for both shorting and going long is not high, so it is recommended to wait and see [3]. - For the EC2604 contract, the short - term downside is limited. Attention should be paid to short - selling opportunities when it follows the spot price or recovers the basis [3]. - For the far - month contracts, a positive spread trading strategy is suggested, and short - selling opportunities for the EC2610 contract should be monitored [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: - EC2512 closed at 1630.1, up 0.35% with a basis of - 119.5, trading volume of 186, and an open interest of 1983 (down 160) [2]. - EC2602 closed at 1719.8, up 3.07% with a basis of - 209.2, trading volume of 31624, and an open interest of 31507 (down 136) [2]. - EC2604 closed at 1128.8, up 1.80% with a basis of 381.8, trading volume of 4225, and an open interest of 18837 (up 145) [2]. - EC2606 closed at 1288.3, up 1.40% with a basis of 222.3, trading volume of 437, and an open interest of 2220 (down 52) [2]. - EC2608 closed at 1453.2, up 0.85% with a basis of 57.4, trading volume of 87, and an open interest of 1288 (down 28) [2]. - EC2610 closed at 1050.3, up 0.78% with a basis of 460.3, trading volume of 413, and an open interest of 4935 (up 40) [2]. - **Month Spreads**: - EC2512 - 2504 was 501.3, down 14.3 day - on - day and 59.1 week - on - week [2]. - EC2512 - 2602 was - 89.7, down 45.5 day - on - day and 53.8 week - on - week [2]. - EC2502 - 2604 was 591.0, up 31.2 day - on - day and down 5.3 week - on - week [2]. Spot Market - **Spot Indexes**: - The SCHIS SCFI (European Line) on December 15, 2025, was 1510.56 points, up 0.10% from the previous period and 1.72% two periods ago [2]. - The CCFI on December 19, 2025, was 1473.9 points, up 0.23% from the previous period and 1.59% two periods ago [2]. - The NCFI on December 19, 2025, was 1067.29 points, up 0.30% from the previous period and 9.98% two periods ago [2]. - **European Line Spot Freight**: - In Week 52, Maersk (MSK) opened at $2300 (down $100 from the previous week), with the market center at $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January space [4]. - In Week 1, Maersk (MSK) opened at $2500 (up $200 from the previous week), and the market is waiting for other shipping companies to open their rates, with an overall bullish sentiment [4]. News - On December 19, a Maersk vessel crossed the Bab - el - Mandeb Strait and entered the Red Sea for the first time in nearly two years. Maersk is considering gradually resuming East - West routes via the Suez Canal and the Red Sea under the premise of meeting safety standards [5]. - On December 20, officials from Turkey, the US, Qatar, and Egypt met in Miami to discuss the second - stage arrangements for a cease - fire in Gaza. The cease - fire framework has been maintained since the first - stage cease - fire agreement in October [6]. - On December 21, Israel informed the US that it might launch a second strike on Iran. Trump and Netanyahu are scheduled to meet at Mar - a - Lago later this month [6].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The tariff issue has a marginal effect, and the current core is the trend 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 [3]. - Market sentiment is bearish, with a decline in bullish sentiment. Some liner companies' freight rates in early January are lower than the announced increases, and the main contract is fluctuating weakly. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Relevant Catalog Shipping Index Data - On December 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1510.56 points, up 0.1% from the previous period; the SCFIS for the US - West route was 924.36 points, down 3.8% from the previous period [2]. - On December 12, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1060.86 points, up 10.23% from the previous period; the NCFI for the European route was 1064.13 points, up 9.98% from the previous period; the NCFI for the US - West route was 1029.8 points, up 17.28% from the previous period [2]. - On December 12, the Shanghai Export Container Freight Index (SCFI) published price was 1506.461 points, up 108.83 points from the previous period; the SCFI European - line price was 1538 USD/TEU, up 9.86% from the previous period; the SCFI US - West route was 1780 USD/FEU, up 14.84% from the previous period [2]. - On December 12, the China Export Container Freight Index (CCFI) for the comprehensive index was 1118.07 points, up 0.3% from the previous period; the CCFI for the European route was 1470.55 points, up 1.6% from the previous period; the CCFI for the US - West route was 798.95 points, down 2.3% from the previous period [2]. Economic Data - The eurozone's November composite PMI flash was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI flash was 53.1, higher than the previous value and the expected value, achieving the best monthly performance in a year and a half [2]. - The eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous - 7.4 [2]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, with improved business levels. 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 [3]. - The US November S&P Global services PMI flash was 55, better than the expected 54.6 and the previous 54.8. The US November S&P Global composite PMI flash was 54.8, rising for the second consecutive month, better than the expected 54.6 and the previous 54.6 [3]. Main Contract Data - On December 18, the main contract 2602 closed at 1668.8, with a decline of 3.06%, a trading volume of 27,000 lots, and an open interest of 31,600 lots, a decrease of 318 lots from the previous day [3]. Strategy Recommendations - Short - term strategy: The main contract has rebounded after a pullback, and the fluctuation of far - month contracts has slowed down. Risk - takers were previously advised to take a light - position long in the main contract, and now all positions are advised to be closed. No further positions are recommended, and no positions should be held without stop - loss. Stop - loss should be set [4]. - 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 take a light - position attempt [4]. - Long - term strategy: All contracts are advised to take profit when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [4]. Other Information - The daily trading limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - 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 [3]. - Due to the market's long - short game and the weakening of bullish sentiment, there are doubts about the subsequent freight rate trend, and the main contract has risen and then fallen. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3) Summary by Related Content a. Freight Rate Index - On December 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1510.56 points, up 0.1% from the previous period; for the US - West route, it was 924.36 points, down 3.8% from the previous period [2]. - On December 12, the Ningbo Export Container Freight Index (NCFI) composite index was 1060.86 points, up 10.23% from the previous period; the European route was 1064.13 points, up 9.98% from the previous period; the US - West route was 1029.8 points, up 17.28% from the previous period [2]. - On December 12, the Shanghai Export Container Freight Index (SCFI) announced price was 1506.461 points, up 108.83 points from the previous period; the European line price was 1538 USD/TEU, up 9.86% from the previous period; the US - West route was 1780 USD/FEU, up 14.84% from the previous period [2]. - On December 12, the China Export Container Freight Index (CCFI) composite index was 1118.07 points, up 0.3% from the previous period; the European route was 1470.55 points, up 1.6% from the previous period; the US - West route was 798.95 points, down 2.3% from the previous period [2]. b. Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than the October data of 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 better than the expected value [2]. - The eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [2]. - 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 [3]. - 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 US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month [3]. c. Main Contract Information - On December 17, the main contract 2602 closed at 1699.8, with a decline of 0.68%, a trading volume of 24,200 lots, and an open interest of 32,000 lots, a decrease of 512 lots from the previous day [3]. d. Investment Strategies - Short - term strategy: The main contract has rebounded after a pullback, and the fluctuation of far - month contracts has slowed down. Risk - preferring investors have been advised to take a light - position long on the main contract, and all positions have been advised to take profit. No additional positions are recommended, and no holding of losing positions is advised. Stop - loss should be set [4]. - Arbitrage strategy: Against the backdrop 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 [4]. - Long - term strategy: All contracts have been advised to take profit when rising, and wait for the price to stabilize after a pullback before judging the subsequent direction [4]. e. Contract Adjustments - The daily price limit for contracts 2508 - 2606 has been adjusted to 18%. - The company's margin for contracts 2508 - 2606 has been adjusted to 28%. - The daily opening position limit for all contracts 2508 - 2606 is 100 lots [4].