Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The EC spot and futures markets are in a game situation intertwined with policies and geopolitical factors, showing a differentiation feature of short - term sentiment - driven and long - term fundamental support. The market has not formed a clear trend yet, with short - term being dominated by policy news and sentiment, and long - term depending on global foreign trade recovery rhythm, capacity adjustment and substantial improvement of terminal demand. [8] - The current market core logic revolves around three variables: short - term rush - shipping expectations due to PV export tax - rebate policy adjustment, Red Sea resumption expectations due to geopolitical easing, and the differentiated recovery of the euro - zone economy. [8] 3. Summary by Related Catalog 3.1 Shipping Derivatives Data - **Freight Index**: The Shanghai Export Container Freight Index (SCFI) is 1458, down 7.39% from the previous value; the China Export Container Freight Index (CCFI) is 1209, down 0.09%. SCFI - US West is down 5.01%, SCFIS - US West is down 0.84%, SCFI - US East is down 8.44%, SCFI - Northwest Europe is down 4.83%, SCFIS - Northwest Europe is down 4.86%, and SCFI - Mediterranean is down 7.61%. [5] - **Shipping Schedule**: For the European line FAL1, the last east - bound return ship through Suez is CMA CGM BENJAMIN FRANKLIN, expected to pass on February 1, and then resume on April 6. For FAL3, the last east - bound return ship through Suez is CMA CGM SEINE, expected to pass on January 25. For the Mediterranean line MEX, the last east - bound return ship through Suez is CMA CGM GRACE BAY, expected to pass on January 22. There are no resumption plans for FAL3 and MEX currently. [5][6] 3.2 Market Conditions - **Overall Trend**: The market shows a volatile and slightly strong trend. [7] - **Spot Prices**: For the European line 40 - foot container freight, different alliances have different quotes. In the future one or two weeks (late January - early February), most quotes are expected to decline before the Spring Festival due to the low - cargo period. [7] 3.3 Market Analysis - **Futures Market**: Driven by short - term sentiment, it strengthened overall at first, then corrected due to weakened spot support and calmed sentiment. The far - month contracts are more resilient. [8] - **Spot Market**: It is in a balance state of shipping companies' quotation adjustment and supply - demand game. Some shipping companies lower short - term quotes to compete for cargo volume, but potential rush - shipping demand provides implicit support. [8] 3.4 Strategy - The cost - performance of short - selling in the short - term decreases. Pay attention to going long on the 06 contract at low positions and short - selling the off - season 10 contract on rebounds. [9]

Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core View - The EC spot - futures market is in a game situation intertwined with policies and geopolitical factors, showing a differentiation feature of short - term sentiment - driven and long - term fundamental support. The market has not formed a clear trend yet. Short - term trends are dominated by policy news and sentiment, while long - term trends depend on the global foreign trade recovery rhythm, capacity adjustment, and substantial improvement in terminal demand [8] 3. Summary by Related Content 3.1 Shipping Freight Index - The current values of Shanghai Export Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1458, 1209, 2084, 1294, 2896, 1595, 1859, and 2756 respectively. The previous values are 1574, 1210, 2194, 1305, 3163, 1676, 1954, and 2983 respectively. The corresponding percentage changes are - 7.39%, - 0.09%, - 5.01%, - 0.84%, - 8.44%, - 4.83%, - 4.86%, and - 7.61% respectively [5] 3.2 Shipping Schedule - For CMA CGM's shipping schedules, on the European line FAL1, the last east - bound return ship passing through the Suez Canal is CMA CGM BENJAMIN FRANKLIN (expected to pass on February 1st with OMIT detour), and the first ship to resume east - bound return through the Suez Canal on April 6th is CMA CGM VASCO DE GAMA, corresponding to the Ocean Alliance's new annual Day10 route plan starting from April. On the European line FAL3, the last east - bound return ship is CMA CGM SEINE (expected to pass on January 25th) with no resumption plan. On the Mediterranean line MEX, the last east - bound return ship is CMA CGM GRACE BAY (expected to pass on January 22nd) with no resumption plan [5][6] 3.3 Market News - The additional tariffs on eight European countries are temporarily not imposed. US President Trump is preparing to hold a "Peace Committee Charter Signing Ceremony" during the World Economic Forum in Davos, Switzerland, marking the mechanism's transition from concept to public launch [6] 3.4 Spot Price - The current 40 - foot container freight rates on the European line are as follows: GEMINI Alliance's Maersk quotes $2430 in Week 5, Hapag - Lloyd quotes $2300 - $2500; OA Alliance quotes about $2500 - $2650, CMA CGM quotes $2793, and others are around $2600; PA Alliance quotes about $2400, Yang Ming quotes as low as $2200 - $2435; MSC quotes $2640. In the next one or two weeks (end of January - early February), Maersk's Week 6 opening price drops to $2000 - $2100, Hapag - Lloyd maintains $2300 - $2500, OA Alliance may slightly drop to around $2500, PA Alliance may fluctuate in the range of $2200 - $2400, and MSC may slightly adjust downward with the market, showing a pre - holiday decline due to the pre - Spring Festival cargo volume vacuum period [7] 3.5 Market Analysis - The futures market is initially pushed up by short - term sentiment but then corrects due to weakened spot support and calmed sentiment. The far - month contracts are more resilient. The spot market is in a balance between shipping companies' price adjustments and supply - demand games. Some shipping companies lower short - term prices to compete for cargo volume. The market is affected by three variables: short - term rush - shipping expectations from photovoltaic export tax - rebate policy adjustments, Red Sea resumption expectations from geopolitical easing, and the differentiated economic recovery in the Eurozone [8] 3.6 Strategy - The cost - effectiveness of short - term shorting is reduced. Pay attention to shorting on rallies during the off - season [9]