Industry Investment Rating No information provided regarding the industry investment rating. Core Viewpoints - The container shipping index (European line) is in a volatile market, and attention should be paid to the emotional impact of price increase announcements. The probability of price increases materializing is uncertain, and it is necessary to focus on whether msk will open bookings this week and the potential for other shipping companies to adjust freight rates in late October after the holiday [9][11]. - The supply - side capacity shows different trends in different months. The demand - side lacks a solid foundation for price increases in the spot market, and there are significant differences in the loading performance among shipping companies [11]. Summary by Relevant Catalogs 1. Fundamental Tracking Futures - EC2510 closed at 1,139.0, down 1.86% with a trading volume of 22,035 and an open interest of 32,431, a decrease of 3,095. The trading volume to open interest ratio was 0.68, compared to 1.09 the previous day [1]. - EC2512 closed at 1,777.0, up 1.74% with a trading volume of 19,314 and an open interest of 21,695, a decrease of 1,300. The trading volume to open interest ratio was 0.89, compared to 1.02 the previous day [1]. - EC2602 closed at 1,685.0, up 2.26% with a trading volume of 6,466 and an open interest of 8,768, an increase of 59. The trading volume to open interest ratio was 0.74, compared to 0.63 the previous day [1]. Freight Rates - The SCFIS European route index was 1,254.92 points, down 12.9% week - on - week; the SCFIS US West route index was 1,193.64 points, down 11.6% week - on - week [1]. - The SCFI European route was $971/TEU, down 7.7% bi - weekly; the SCFI US West route was $1,460/FEU, down 10.8% bi - weekly [1]. Spot Freight - The 40 - 41 week list price center dropped to the range of $1380 - 1420/FEU, and the corresponding SCFIS index was about 960 - 1000 points (±30 points). Some shipping companies have announced price increases in late October, with Maersk offering the lowest price of $1800/FEU and COSCO the highest of $3000/FEU [9]. Exchange Rates - The US dollar index was 98.20, and the US dollar to offshore RMB exchange rate was 7.11 [1]. 2. Capacity - In September, the number of blank sailings decreased by 1 to 6, and the weekly average capacity remained at 29.6 million TEU/week. In October, the weekly average capacity was slightly revised down to 26.5 million TEU/week. In November, the weekly average capacity was 30.8 million TEU/week, with the number of blank sailings remaining at 5 and the number of pending sailings increasing by 1. The November weekly average capacity was +9.4% year - on - year and +16.1% month - on - month [11]. 3. Macro News - On September 29, US President Trump was optimistic about reaching a Gaza cease - fire agreement and would meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework [8]. - Starting from October 1, 2025, Trump will impose a 50% tariff on all kitchen cabinets, bathroom vanities and related products, and a 30% tariff on upholstered furniture [8]. 4. Trend Intensity - The trend intensity of the container shipping index (European line) is 0, indicating a neutral trend [13].