Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - On Tuesday, the freight index (European line) futures prices rebounded collectively. The macro and commodity sentiment improved, driving up the futures prices. However, after the trading sentiment stabilized, the increase brought by the news was reversed, and the futures prices declined due to the weakening support on the spot side [1]. - China's export competitiveness is continuously strengthening, and it is expected to maintain a relatively high growth rate in 2026. The current freight market is greatly affected by seasonal demand, and investors are advised to be cautious, pay attention to the operation rhythm, and control risks [1]. - The current spot price is supported by the slight price increase of multiple shipping companies and the rush - export effect of the photovoltaic tax - refund policy on contracts after April [1]. 3. Summary by Relevant Contents Futures Market - EC2604, the main contract, closed up 5.22%, and the far - month contracts closed up between 1 - 3%. The EC2604 - EC2606 spread was +32.70, and the EC2604 - EC2608 spread was - 360.00. The EC contract basis was - 53.30. The main contract's holding volume increased by 423 to 34,229 lots [1]. Spot Market - The latest SCFIS European line settlement freight rate index was 1,792.14, down 67.17 points from the previous week, a 3.6% month - on - month decline. The SCFI (composite index) decreased by 141.11 points week - on - week, and the CCFI (composite index) decreased by 33.16 points week - on - week. Maersk's cabin opening price for weeks 7 - 9 decreased by $100 compared to week 6, while other shipping companies such as COSCO and CMA also continued to lower their prices [1]. Industry News - Iran may start high - level nuclear negotiations with the United States in the next few days. It is expected that the US envoy and the Iranian foreign minister will meet in Istanbul on February 6 to discuss a "possible nuclear agreement" [1]. - The Fed's Bostic said that no interest rate cuts are expected in 2026, and it is too early to claim that the inflation target has been achieved. The policy rate needs to be maintained at a moderately restrictive level [1]. - Nine units including the Ministry of Commerce launched the "Happy Shopping Spring Festival" special event from February 15 to 23, aiming to create a comprehensive and enjoyable Spring Festival consumption feast [1]. - Starting from April 1, 2026, all listed photovoltaic products will no longer enjoy the VAT export tax - refund preferential policy, which may lead to a rush to ship and boost long - term contract cargo volume [1]. Geopolitical and Economic Outlook - Trump said that the US "expects" to reach an agreement with Iran and end the conflict with Russia in the first half of 2026, and the expectation of resuming navigation in the Red Sea has improved [1]. - The market is relatively optimistic about the economic recovery of the eurozone, and inflation is close to the target level, which supports the expectation that the European Central Bank will keep interest rates unchanged in the foreseeable future [1]. Key Data to Watch - Eurozone January CPI annual rate preliminary value at 18:00 on February 4. - Eurozone December PPI monthly rate at 18:00 on February 4. - US January ADP employment data (in ten thousands) at 21:15 on February 4 [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On Tuesday, the freight index (European line) futures prices fluctuated slightly, with the main contract EC2604 closing down 0.11% and the far - month contracts down between -1% and -1%. The latest SCFIS European line settlement freight rate index was 1859.31, down 94.88 points from last week, a 4.9% week - on - week decline. The cancellation of full - refund VAT for photovoltaic products may lead to a rush of shipments, boosting long - term contract cargo volume, but after the trading sentiment stabilizes, the price increase fades and the spot support weakens, causing the futures price to decline. China's foreign trade improved significantly in December, and it is expected to maintain a high growth rate in 2026. Spot freight rates saw some shipping companies slightly increase prices, and the rush - export effect of the photovoltaic tax - refund policy supports contracts after April. The current freight market is highly affected by seasonal demand, and investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data [1] 3. Summary by Relevant Catalogs 3.1 Futures Disk - EC main contract closing price: 1193.900, down 1.3; EC sub - main contract closing price: 1442.2, down 3.4 - EC2604 - EC2606 spread: -248.30, down 0.90; EC2604 - EC2608 spread: -334.50, down 10.70 - EC contract basis: 665.41, up 6.30 - EC main contract open interest: 38647, down 3043 [1] 3.2 Spot Prices - SCFIS (European line) (weekly): 1859.31, down 94.88; SCFIS (US West line) (weekly): 1294.32, down 10.95 - SCFI (composite index) (weekly): 1457.86, down 116.26; container ship capacity: 1227.97 (in ten thousand TEUs), up 1.62 - CCFI (composite index) (weekly): 1208.75, down 1.10; CCFI (European line) (weekly): 1588.19, up 5.59 - Baltic Dry Index (daily): 1762.00, up 18.00; Panama Freight Index (daily): 1612.00, unchanged - Average charter price (Panamax): unchanged; Average charter price (Capesize): 19318.00, down 480.00 [1] 3.3 Industry News - The Chairman of the International Trade Committee of the European Parliament has not decided whether to resume the approval process of the EU - US trade agreement, and the decision will be made later. The committee will hold a meeting on February 23 - 24. - India and the EU are close to reaching a landmark free - trade agreement, with India planning to cut the import tariff on EU cars from the current maximum of 110% to 40%. Electric vehicles will not enjoy tariff exemptions in the first five years. - The probability of a new US government shutdown by the end of January has soared to nearly 80%, up from less than 10% last Friday. If the Senate fails to pass the appropriation legislation by midnight on Friday, several federal departments will face partial shutdowns [1] 3.4 Key Points of Attention - Germany's February Gfk consumer confidence index at 15:00 on January 28 [1]

Report Industry Investment Rating - Not provided Core View of the Report - On Wednesday, most futures prices of the container shipping index (European line) rose, with the main contract EC2604 down 0.04% and the far - month contracts up 1 - 3%. The full - refund cancellation of photovoltaic products may lead to a rush of shipments, boosting long - term contract cargo volume, but weakening the support on the spot side. The manufacturing PMI data in China in December showed a slight recovery, and the new export order index rose to 49, indicating a significant recovery in terminal transportation demand. Spot freight rates increased in the fourth week. Geopolitical factors suggest that the expectation of resuming navigation in the Red Sea has improved, and the inflation pressure in the eurozone has eased. Currently, the freight rate increase has not been implemented, many shipping companies have successively lowered prices, and the futures price support has weakened. The freight rate market is greatly affected by seasonal demand, and investors are advised to be cautious and track relevant data [1] Summary by Related Catalogs Futures Market Data - EC main contract closing price: 1378, down 0.5; EC sub - main contract closing price: 1129.700, up 40.30. EC2604 - EC2606 spread: - 43.50, down; EC2604 - EC2608 spread: - 248.30, down 1.10. EC contract basis: 824.49, down 17.10. EC main contract open interest: 41299, down 512 [1] Spot Market Data - SCFIS (European line) (weekly): 1954.19, down 2.10; SCFIS (US West line) (weekly): 1305.27, down 18.71. SCFI (composite index) (weekly): 1574.12, down 73.27; container ship capacity (10,000 TEUs): 1227.97, unchanged. CCFI (composite index) (weekly): 14.96, up; CCFI (European line) (weekly): 1582.60, up 14.85 [1] Shipping - related Indexes - Baltic Dry Index (daily): 1570.00, down 79.00; Panamax Freight Index (daily): 1729.00, down 49.00. Average charter price (Panamax ship): unchanged; average charter price (Capesize ship): 17000.00, down 2627.00 [1] Industry News - A package of policies for fiscal - financial coordination to boost domestic demand was released, including a 500 - billion - yuan special guarantee plan for private investment, guiding banks to increase loans to small and medium - sized private enterprises by 500 billion yuan, and implementing loan interest subsidies for small and medium - sized enterprises in 14 key industrial chains and related fields. Trump said he could use alternative means if the current tariff tools are restricted, and the US Supreme Court has not ruled on Trump's tariff - related matters. The European Parliament froze the approval process of the trade agreement with the US, which is a response to Trump's threat to impose tariffs on eight European countries [1] Key Data to Watch - January 22, 21:30: US initial jobless claims for the week ended January 17 (in ten thousands), US core PCE price index annual rate in November, US real GDP annualized quarterly rate final value in the third quarter, US real personal consumption expenditure quarterly rate final value in the third quarter. January 22, 23:00: Eurozone consumer confidence index preliminary value in January [1]