1. Report Industry Investment Rating - Not mentioned in the provided content 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] - The market's optimism has diminished, some liner companies' latest quotes are below expectations, and the market fluctuated downward under the game between long and short positions. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3] 3. Summary by Related Catalogs 3.1 Freight 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; 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) (composite 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) announced 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) (composite 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] 3.2 Economic Data - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October data of 52.5 and remaining above the boom - bust line of 50. The service - sector PMI preliminary value was 53.1, higher than the previous value of 53 and the expected value of 52.8, achieving the best monthly performance in a year and a half [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, 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, and it fell below the boom - bust line for the first time since 2023 [3] - 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 [3] 3.3 Market Conditions of the Main Contract - On December 16, the main contract 2602 closed at 1686.8, with a decline of 1.62%, a trading volume of 27,800 lots, and an open interest of 32,500 lots, a decrease of 582 lots from the previous day [3] 3.4 Investment Strategies - Short - term strategy: The main contract rebounds after a pullback, and the volatility of far - month contracts slows down. Risk - preferring investors have been advised to try to go long on the main contract with a light position, and all positions have been advised to take profits. It is not recommended to add more positions or hold losing positions, and stop - losses should be set [4] - Arbitrage strategy: Against the backdrop of international geopolitical turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [4] - Long - term strategy: Each contract has been advised to take profits when the price rises to a high level, and then judge the subsequent direction after waiting for the price to stabilize after a pullback [4] 3.5 Contract Rules Adjustments - The price limit for contracts from 2508 to 2606 has been adjusted to 18% [4] - The company's margin for contracts from 2508 to 2606 has been adjusted to 28% [4] - The daily opening - position limit for all contracts from 2508 to 2606 is 100 lots [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints -节前 shipping volume led to a slight increase in freight rates, and the market oscillated upward, meeting the daily report's expectations. The main contract has shown a seasonal rebound, and attention should be paid to tariff policies, Middle - East situations, and spot freight rates [1][3]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates [3]. 3) Summary by Related Content a. Freight Rate Index - On December 15, SCFIS (European route) was 1510.56 points, up 0.1% from the previous period; SCFIS (US West route) was 924.36 points, down 3.8% [2]. - On December 12, NCFI (composite index) was 1060.86 points, up 10.23%; NCFI (European route) was 1064.13 points, up 9.98%; NCFI (US West route) was 1029.8 points, up 17.28% [2]. - On December 12, SCFI was 1506.461 points, up 108.83 points; SCFI (European route) was 1538 USD/TEU, up 9.86%; SCFI (US West route) was 1780 USD/FEU, up 14.84% [2]. - On December 12, CCFI (composite index) was 1118.07 points, up 0.3%; CCFI (European route) was 1470.55 points, up 1.6%; CCFI (US West route) was 798.95 points, down 2.3% [2]. b. Economic Data - The preliminary value of the Eurozone's November composite PMW was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service industry PMM was 53.1, better than expected [2]. - The Eurozone's December Sentix investor confidence index was - 6.2, expected - 7, previous value - 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 [3]. - The preliminary value of the US November S&P Global services PMI was 55, expected 54.6, previous value 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month [3]. c. Market Conditions - On December 15, the main contract 2602 closed at 1746.0, up 3.30%, with a trading volume of 28,300 lots and an open interest of 33,100 lots, an increase of 1401 lots from the previous day [3]. d. Trading Strategies - Short - term strategy: The main contract rebounded after a pullback, and the fluctuation of far - month contracts slowed down. Risk - takers were advised to go long on the main contract with a light position, and all positions were advised to take profit. No additional positions were recommended, and no positions should be held against losses. Stop - losses should be set [4]. - Arbitrage strategy: In the context 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 [4]. - Long - term strategy: Each contract was advised to take profit when reaching a high, wait for a pullback to stabilize, and then judge the subsequent direction [4]. e. Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18%. - The company's margin for contracts 2508 - 2606 was adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 was 100 lots [4].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: December 16, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core Viewpoints - The spot SCFIS index rebounded slightly and stabilized this week. Shipping companies continued to raise prices, boosting the market's sentiment. MSC followed Maersk to announce a price increase for January quotes. The main shipping companies have formed a trend of joint price increases, which strongly supports the market's expectation of price increases before the Spring Festival. There may be an incentive game for the pre - Spring Festival shipping season. It's hard to prove whether the EC2602 contract is overvalued in the short term, and the cost - performance of short - selling is not high. Attention should be paid to the possibility of the off - season April contract being overvalued and the positive spread trading opportunity between EC2602 and EC2604 [8] Report Content Summary by Section 1. Market Review and Operation Suggestions - **Market Conditions**: The SCFIS index rebounded slightly and stabilized this week. Shipping companies continued to raise prices. MSC followed Maersk to raise the January quote for European routes to $3700, higher than the $3500 announced on December 15. The current prices of major shipping companies are around $3000 - $3500 in the second half of December and $3500 - $3700 in the first half of January [8] - **Operation Suggestions**: The main shipping companies have a joint price - raising trend, which supports the pre - Spring Festival price increase expectation. It's difficult to prove the overvaluation of EC2602 in the short term, so short - selling is not cost - effective. Attention should be paid to the possible overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8] 2. Industry News - **Overall Market Situation**: From December 8 to 12, China's export container transport demand was generally stable. The spot freight rates of some major ocean routes increased due to the year - end contract - signing season, and the comprehensive index rose. On December 12, the Shanghai Export Containerized Freight Index was 1506.46 points, up 7.8% from the previous period [9] - **Route - Specific Situations**: - **European Route**: Economic data in Europe was average. Due to the mid - month price increase announcements of some shipping merchants, the spot booking price increased. On December 12, the freight rate from Shanghai Port to European base ports was $1538/TEU, up 9.9% [9] - **Mediterranean Route**: The freight rate increase was higher than that in the European market. On December 12, the freight rate from Shanghai Port to Mediterranean base ports was $2737/TEU, up 19.0% [9] - **North American Route**: Affected by the Fed's possible interest rate cut and rising inflation expectations, the US economic situation declined. The transport demand did not improve, but the spot booking price increased due to the year - end price announcements. On December 12, the freight rates from Shanghai Port to the US West and East base ports were $1780/FEU and $2652/FEU respectively, up 14.8% and 14.6% [9][10] - **Shipping Company Price - Adjustment News**: On December 15, 2025, many shipping companies such as MSC and CMA CGM announced price increases for multiple international routes. Maersk and Hapag - Lloyd also announced increases in peak - season surcharges for some routes [10] 3. Data Overview - **Container Shipping Spot Prices**: - **SCFIS Index**: On December 15, 2025, the SCFIS for European routes (base ports) was 1510.56, up 0.1% from December 8; the SCFIS for US West routes (base ports) was 924.36, down 3.8% [12] - **Container Shipping Index (European Routes) Futures Market**: The report provides trading data for multiple contracts on December 15, including EC2512, EC2602, etc., covering opening prices, closing prices, settlement prices, price changes, trading volumes, open interests, and changes in open interests [6] - **Shipping - Related Data Charts**: The report includes charts of European container ship capacity, global container ship orders, Shanghai - European base port freight rates, etc. [16][20]

| 2025年12月15日 集运日报 | | (航运研究/组) | | --- | --- | --- | | 现货货量偏暖,盘面偏强震荡,符合日报预期,关注春节前出货行情,运价并无明显波动。 | | | | SCFIS、NCFI运价指数 | | | | 12月8日 | | 12月12日 | | 上海出口集装箱结算运价指数SCFIS(欧洲航线) 1509.10点,较上期上涨1.7% | | 宁波出口集装箱运价指数NCFI (综合指数) 1060.86点,较上期上涨10.23% | | 上海出口集装箱结算运价指数SCFIS（美西航线）960.51点,较上期上涨1.2% | | 宁波出口集装箱运价指数NCFI (欧洲航线) 1064.13点, 较上期上涨9.98% 宁波出口集装箱运价指数NCFI (美西航线) 1029.8点,较上期上涨17.28% | | 12月12日 | | 12月12日 | | 上海出口集装箱运价指数SCFl公布价格1506.461 点, 较上期上涨108.83点 上海出口集装箱运价指数SCFl欧线价格1538USD/TEU,较上期上涨9.86% | 中国出口集装箱运价指数CCFI (综合指 ...

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The December contract follows the delivery logic, with a small deviation and low positions [3] - The February contract has a moderately high valuation, and is expected to move sideways in the short - term. Looking ahead, the driving force is upward due to strong and recovering cargo volume. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival (mid - to late January 2026), but the high capacity in January 2026 may suppress the peak. At the current valuation, it is recommended to wait and see [3] - The April contract has limited short - term downside. Attention should be paid to the short - selling opportunities when the April contract may rise following the near - month contracts [3] 3. Summary of Relevant Catalogs Futures Market - EC2512: Yesterday's closing price was 1650.0, with a decline of 0.19%, a basis of - 140.9, trading volume of 245, and an open interest of 2947 with a decrease of 84 [2] - EC2602: Yesterday's closing price was 1677.8, with a decline of 0.66%, a basis of - 168.7, trading volume of 27001, and an open interest of 31664 with an increase of 41 [2] - EC2604: Yesterday's closing price was 1106.0, with an increase of 1.22%, a basis of 403.1, trading volume of 10155, and an open interest of 19930 [2] - EC2606: Yesterday's closing price was 1260.8, with an increase of 2.71%, a basis of 248.3, trading volume of 790, and an open interest of 2355 with an increase of 59 [2] - EC2608: Yesterday's closing price was 1431.7, with an increase of 3.61%, a basis of 77.4, trading volume of 763 [2] - EC2610: Yesterday's closing price was 1030.0, with an increase of 0.82%, a basis of 479.1, trading volume of 813, and an open interest of 4582 with an increase of 291 [2] Month - to - Month Spreads - EC2512 - 2504: The previous day's value was 544.0, with a daily decrease of 16.4 and a weekly decrease of 15.0 [2] - EC2512 - 2602: The previous day's value was - 27.8, with a daily increase of 8.1 and a weekly decrease of 91.9 [2] - EC2502 - 2604: The previous day's value was 571.8, with a daily decrease of 24.5 and a weekly increase of 76.9 [2] Spot Freight Rate Index - SCFIS: Updated every Monday, as of December 8, 2025, it was 1509.10 points, with a 1.72% increase from the previous period and a - 9.50% decrease from the period before [2] - SCFI: Updated every week, as of December 12, 2025, it was 1538 dollars/TEU, with a 9.86% increase from the previous period and a - 0.28% decrease from the period before [2] - CCFI (European Line): Updated every week, as of December 12, 2025, it was 1470.55 points, with a 1.59% increase from the previous period and a - 0.12% decrease from the period before [2] - NCFI: Updated every week, as of December 12, 2025, it was 1064.13 points, with a 9.98% increase from the previous period and a - 5.57% decrease from the period before [2] European Line Spot Situation - Week 50: The central price was 2200 US dollars, equivalent to 1540 points on the futures market [3] - Week 51: MSK opened at 2400 US dollars (a 200 - dollar increase from the previous week); MSC and OA quoted 2600 - 2700 US dollars, and PA quoted 2400 US dollars. The current central price is 1760 US dollars, equivalent to about 1760 points on the futures market [3] - Week 52: MSK opened at 2300 US dollars (a 100 - dollar decrease from the previous week), and other companies mainly followed the Week 51 prices [8] Related News - On December 13, 2025, MSC issued a price - increase letter for January, raising the freight rates for 20 - foot and 40 - foot containers on European lines to 2220 and 3700 US dollars respectively [4] - On December 12, 2025, the EU Council agreed to impose a fixed tariff of 3 euros on small packages worth less than 150 euros entering the EU through e - commerce from July 1, 2026 [4] - On December 12, 2025, Israeli Prime Minister Netanyahu held a meeting with the security cabinet, worrying about a potential military operation in Lebanon [4] - US officials said that the Gaza International Stabilization Force may be deployed as early as next month, but how to disarm Hamas remains unclear [4] Future Price Increase Plans - In January, MSK and MSC announced price increases to 3500 and 3700 US dollars respectively [7]

Report Summary Investment Rating No investment rating for the industry is provided in the reports. Core Viewpoints - The core issue lies in the direction of spot freight rates, with the tariff issue showing a marginal effect. The main contract has seen a seasonal rebound, so it is recommended to participate with a light position or wait and see [2]. - The short - term strategy for freight rate trends is that the logic returns to traditional seasonality and the resumption of shipping in the Red Sea. Currently, the spot price has slightly decreased. For risk - takers, it is advised to close all positions in the main contract, not to add more positions or hold losing positions, and to set stop - losses [2]. - In the context of international turmoil, the contracts follow seasonal logic with large fluctuations. For the arbitrage strategy, it is recommended to wait and see or try with a light position. For the long - term strategy, it is advised to take profits when the contracts reach a high point, wait for the correction to stabilize, and then make further judgments [2]. Summary by Relevant Content Freight Rate Index - On December 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; for the US - West route, it was 960.51 points, up 1.2% from the previous period. The Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; for the European route, it was 1024.64 points, up 7.67% from the previous period [1]. - On December 5, the Shanghai Export Container Freight Index (SCFI) published price was 1397.63 points, down 5.5 points from the previous period; the European line price was 1400 USD/TEU, down 0.28% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; for the European route, it was 1449.34 points, up 1.1% from the previous period [1]. - On December 8, the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period. The SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period. The CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [1]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in business production and operation activities [2]. - The preliminary value of the US S&P Global Services PMI in October was 55.2 (expected 53.5, previous value 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [2]. - The preliminary value of the eurozone's composite PMI in November was 52.4, slightly lower than the October figure of 52.5, remaining above the boom - bust line of 50. The preliminary value of the service industry PMI 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 Sentix investor confidence index in December was - 6.2 (expected - 7, previous value - 7.4) [1]. Contract Information - On December 11, the main contract 2602 closed at 1689.0, with a gain of 2.04%, a trading volume of 18,700 lots, and an open interest of 31,600 lots, an increase of 241 lots from the previous day [2]. - The daily price limit for contracts 2508 - 2606 was adjusted to 18% [2]. - The company's margin for contracts 2508 - 2606 was adjusted to 28% [2]. - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [2].

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 行业 集运指数日报 日期 2025 年 12 月 12 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 | | | 表1：集运欧线期货12月11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 | | EC2512 | 1,659.2 | 1,659.3 | 1,653.1 | 1,655.8 | -6.1 | - ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The 12 - contract follows the delivery logic with little deviation and low positions. MSK lowered the freight rate for the last week to $2300, weaker than the previous flat - expected view, but the PA remained relatively firm at $2400 in the second half of the month [3]. - The 02 - contract has a moderately high valuation, showing short - term sideways movement. In the future, the driving force is upward due to strong and recovering cargo volume. Historically, the freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to late January 2026), but the high capacity in January 2026 may suppress the peak. It is recommended to wait and see at the current valuation [3]. - The short - term downside space of the 04 - contract is small. Attention should be paid to the short - selling opportunities on rallies that may occur when the 04 - contract follows the near - month contract's rise [3]. 3. Summary by Related Catalogs Futures Quotes - **Contract Prices and Changes**: For example, EC2512 closed at 1653.1 with a decline of 0.12%, EC2602 at 1689.0 with an increase of 1.43%, etc. [2] - **Volume and Open Interest**: EC2512 had a trading volume of 241 and an open interest of 3031 with a decrease of 138; EC2602 had a volume of 18659 and an open interest of 31623 with an increase of 241 [2]. - **Month - to - Month Spreads**: EC2512 - 2504 was 560.4, showing a daily decrease of 14.0 and a weekly decrease of 10.0; EC2512 - 2602 was - 35.9, with a daily decrease of 25.8 and a weekly decrease of 149.3 [2]. Spot Freight Rates - **Week 50**: MSK's opening rate dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central rate is $2200, equivalent to 1550 points on the disk [3]. - **Week 51**: MSK opened at $2400, OA at $2500 - 2600, and PA at $2400 [3]. - **Week 52**: MSK's opening quote was $2300 (down $100 from the previous week), OA at $2500 - 2600, PA at $2400, and the central rate was $2500 (equivalent to 1700 points on the disk) [3]. - **Thursday**: ONE, HMM, and YML all lowered their rates to $2400 [4]. - **January**: MSK issued a price - increase letter for January, raising the freight rates of 20 - foot and 40 - foot containers on the European route to $2275 and $3500 respectively [4]. Index Data - **SCFI (European Route)**: Updated weekly. On December 8, 2025, it was 1483.65 points, up 1.72% from the previous period and down 9.50% from two periods ago; in terms of dollars/TEU, it was $1404, down 0.28% from the previous period and up 2.71% from two periods ago [2]. - **CCFI**: Updated weekly. On December 5, 2025, it was 1447.56 points, down 0.12% from the previous period and up 1.14% from two periods ago [2]. - **NCFI**: Updated weekly. On December 5, 2025, it was 967.55 points, down 5.57% from the previous period and up 7.67% from two periods ago [2].

行业 集运指数日报 每日报告 | | | 表1：集运欧线期货12月10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 | | EC2512 | 1,661.0 | 1,653.0 | 1,655.1 | 1,659.2 | -5.9 | -0.36 | 321 | 3169 | -114 | | EC2602 | 1,610.3 | 1,600.0 | 1,665.2 | 1,655.3 | 54.9 | 3.41 | 35894 | 31382 | 669 | | EC2604 | 1,074.6 | 1,073.6 | 1,080.7 | 1,083.3 | 6.1 | 0.57 | 3703 | 19219 | -159 | | EC2606 | 1,214.6 | 1,219.1 | 1,225.6 | 1,223.4 | 11.0 | 0.91 | 38 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - The 12 - contract follows the delivery logic. MSK's Tuesday price cut for the last - week freight rate to $2300 may lead to a lower settlement price for the 12 - contract, with a central price of $2300 [3]. - The 02 - contract has a moderately high valuation. In the short - term, it may fluctuate due to the expected peak season in January. In the long - run, the driving force is upward because of the strong and recovering cargo volume. However, the high shipping capacity in January 2026 may suppress the price peak. Currently, it is recommended to wait and see [3]. - The 04 - contract has limited short - term downside space. Pay attention to the short - selling opportunities when the 04 - contract may rise following the near - month contracts [3]. 3. Summary by Related Catalogs Futures Contract Data - **Contract Prices and Changes**: The EC2512 contract closed at 1655.1, down 0.58%; the EC2602 contract closed at 1665.2, up 2.80%; the EC2604 contract closed at 1080.7, up 0.66%; the EC2606 contract closed at 1225.6, up 0.53%; the EC2608 contract closed at 1378.9, down 0.07%; the EC2610 contract closed at 1025.0, up 0.56% [2]. - **Trading Volume and Open Interest**: The trading volume of EC2512 was 321, and the open interest was 3169, down 114; the trading volume of EC2602 was 35894, and the open interest was 31382; the trading volume of EC2604 was 3703, and the open interest was 19219, down 159; the trading volume of EC2606 was 380, and the open interest was 2274, down 69; the trading volume of EC2608 was 170, and the open interest was 1549, down 25; the trading volume of EC2610 was 273, and the open interest was 4207, up 6 [2]. - **Month - to - Month Spreads**: For example, the EC2512 - 2504 spread was 5/4.4, with a day - on - day change of - 16.7 and a week - on - week change of 12.9; the EC2512 - 2602 spread was - 10.1, with a day - on - day change of - 55.0 and a week - on - week change of - 109.5; the EC2502 - 2604 spread was 584.5, with a day - on - day change of 38.3 and a week - on - week change of 1224 [2]. - **Indicator Data**: The forward - looking futures index (frequency: electricity - new, announced on 2025/12/8) was 1509.10, up 1.72% from the previous period and down 0.28% compared to the period before the previous one; the CCFI on 2025/12/5 was 1447.56, down 0.12% from the previous period; the NCFI on 2025/12/5 was 967.55, down 5.57% from the previous period [2]. European Line Spot Freight Situation - **Weekly Spot Freight Rates**: In Week 50, MSK's opening price dropped to $2200, with the central price at $2200, equivalent to 1550 points on the disk; in Week 51, MSK's opening price was $2400; in Week 52, MSK's opening price was $2300 (down $100 from the previous week) [4]. - **Price Adjustments**: YML cut the freight rate for late December to $2650 on Tuesday; MSK announced a price increase for January, with the freight rates for 20 - foot and 40 - foot containers on the European line raised to $2275 and $3500 respectively [4]. Related News - On December 10, 2025, the Israeli army launched air strikes and shelling on parts of Khan Younis in Gaza under its control; Hamas officials stated that disarming the Palestinians was equivalent to taking their lives [5]. - On December 11, 2025, Trump said he planned to announce the members of the "Gaza Peace Committee" early next year. Many world leaders wanted to join this committee established under a Gaza plan that brokered a fragile cease - fire between Israel and Hamas [5].