1. Contract Data - EC2602 had a closing price of 1717.5, a decline of -0.09%, a basis of 141.8, a trading volume of 432, an open interest of 2812, and an open interest change of -374 [2][30] - EC2604 had a closing price of 1249.7, an increase of 1.68%, a basis of 609.6, a trading volume of 27481, an open interest of 39669, and an open interest change of -477 [2][30] - EC2606 had a closing price of 1576.0, an increase of 5.55%, a basis of 283.3, a trading volume of ୧୫32, an open interest of 11306, and an open interest change of 1704 [2][30] - EC2608 had a closing price of 1645.4, an increase of 5.42%, a basis of 213.9, a trading volume of 1154, an open interest of 1666, and an open interest change of 117 [2][30] - EC2610 had a closing price of 1151.2, an increase of 1.42%, a basis of 708.1, a trading volume of 2032, an open interest of 8933, and an open interest change of 211 [2][30] 2. Month - Spread Data - The month - spread of EC2502 - 2604 was 467.8, with a day - on - day change of -22.2 and a week - on - week change of -111.6 [2][30] - The month - spread of EC2504 - 2606 was -326.3, with a day - on - day change of -62.1 and a week - on - week change of -51.7 [2][30] 3. Spot and Index Data - The spot (European line) index on 2026/1/26 was 1859.31 points, a decline of -4.86% compared to the previous period [2][30] - The SCFI (European line) on 2026/1/23 was 1676 dollars/TEU, a decline of -4.83% compared to the previous period [2][30] 4. Market Analysis and Suggestions - Recent geopolitical tensions, stable February quotes from Maersk, and potential rush shipments and price - holding stories in March may prevent the market from falling in the short term. The current valuation is moderately high, and the upward space depends on capital behavior [3][31] - It is recommended to look for short - selling opportunities on rallies. The focus of short - selling should be on the far - month contract 2610, which is more affected by the off - season and policies. Caution should be maintained for the 2604 contract unless there is a significant premium on the board [3][31] - The export tax rebate adjustment policy is negative for contracts after April. The valuations of the 06 and 08 contracts are difficult to determine, and they are currently within a reasonable range but are greatly affected by geopolitics, so cautious operation is recommended [3][31] 5. European Line Spot Situation - In Week 5, MSK's opening price was 2450 (down 300 from the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 dollars. The central price was 2500 dollars, equivalent to 1750 points on the board [4][32] - In Week 6, MSK's opening price was 2050 (down 400 from the previous period), PA was around 2200, MSC was 2340, and OA was 2300 - 2400 dollars. The central price was 2300 dollars, equivalent to 1580 points on the board [4][32] - On Tuesday, MSK's opening price for February weeks 7 - 9 was 1950 (down 100 from the previous period), lower than market expectations [4][32] 6. Related News - On January 30, Hamas announced that the handover of governance in the Gaza Strip was fully ready [5][33] - On January 30, US President Trump said that Hamas seemed about to disarm and that a team was going to Iran [5][33]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Due to recent geopolitical tensions, Maersk's stable February quotes, and potential cargo - rush and price - support stories in March, the market is likely to remain stable in the short - term. The current valuation is moderately high, and the upward potential depends on capital behavior. It's recommended to look for short - selling opportunities, focusing on the more certain far - month contract 2610 affected by the off - season and policies. Be cautious with the 2604 contract unless there is significant premium. The export tax rebate adjustment policy is negative for contracts after April. For the 06 and 08 contracts, their valuations are hard to anchor, currently within a reasonable range and highly affected by geopolitics, so operate with caution [3] 3. Summary by Relevant Catalogs Contract Information - **Contract Price and Volume**: The EC2602 contract closed at 1717.5 with a - 0.09% change, volume of 432, and a decrease of 374 in open interest. The EC2604 contract closed at 1249.7 with a 1.68% increase, volume of 27481, and a decrease of 477 in open interest. The EC2606 contract closed at 1576.0 with a 5.55% increase, volume of 1532, and an increase of 1704 in open interest. The EC2608 contract closed at 1645.4 with a 5.42% increase, volume of 1154, and an increase of 117 in open interest. The EC2610 contract closed at 1151.2 with a 1.42% increase, volume of 2032, and an increase of 211 in open interest [2] - **Month - spread**: The EC2502 - 2604 month - spread was 467.8, with a day - on - day decrease of 22.2 and a week - on - week decrease of 111.6. The EC2504 - 2606 month - spread was - 326.3, with a day - on - day decrease of 62.1 and a week - on - week decrease of 51.7 [2] - **Spot Indicators**: The spot (European route) indicator "ટરનાટ" on January 26, 2026, was 1859.31 points, a - 4.86% change from the previous period. The SCFI (European route) on January 23, 2026, was 1595 dollars/TEU, a - 4.83% change from the previous period [2] European Route Spot Situation - In Week 5, MSK opened at 2450 ( - 300 compared to the previous period), PA at 2400 (special price 2200), OA at 2500 - 2700 dollars, with a central price of 2500 dollars, equivalent to 1750 points on the futures market. In Week 6, MSK opened at 2050 ( - 400 compared to the previous period), PA around 2200, MSC at 2340, OA at 2300 - 2400 dollars, with a central price of 2300 dollars, equivalent to 1580 points on the futures market. On Tuesday, MSK opened at 1950 for February Week 7 - 9 ( - 100 compared to the previous period), lower than market expectations [4] Related News - On January 30, Hamas announced that the handover of governance in the Gaza Strip was fully ready. US President Trump said that Hamas seemed to be about to disarm and that a team was going to Iran [5]