1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The current situation of the Container Shipping Index (European Line) is better than expected and relatively resistant to decline. The 2512 contract of the index is estimated to be in the range of 1600 - 1900 points, and there are potential long - buying opportunities for the 2602 contract, with a recommendation to enter the market through a 02 - 04 calendar spread [1][13]. 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The EC2512 contract closed at 1769.3 points, up 5.10% with an increase of 2333 in positions; the EC2510 contract closed at 1135.0 points, up 2.94%. The EC2602 contract closed at 1568.0 points, up 2.87% [1]. - **Freight Index**: The SCFIS European route index was 1140.38 points, with a weekly increase of 10.5%; the SCFIS US - West route index was 863.46 points, with a weekly increase of 0.1%. The SCFI European route index was $1145/TEU, with a bi - weekly increase of 7.2%; the SCFI US - West route index was $1936/FEU, with a bi - weekly increase of 31.9% [1]. - **Spot Freight**: For the Shanghai - Rotterdam route, Maersk's 45 - week opening price was $2350/40'GP and $1410/20'GP, showing an increase compared to the 46 - week price [1]. - **Exchange Rate**: The US dollar index was 98.94, and the US dollar against the offshore RMB was 7.12 [1]. 3.2 Shipping Capacity - **Weekly and Monthly Average Shipping Capacity**: In 2025, the weekly shipping capacity from China to European basic ports showed fluctuations. The weekly average shipping capacity in November was around 30.1 million TEU/week (excluding 1 pending voyage), a month - on - month increase of 16.5% and a year - on - year increase of 6.4%. The weekly average shipping capacity in December rose to 30.7 million TEU/week (excluding 4 pending voyages) [12]. - **Voyage Status**: In October, there were 17 blank sailings; in November, there was 1 pending voyage and 8 blank sailings; in December, there were 4 pending voyages and 2 blank sailings [7]. 3.3 Macroeconomic News - **European - Ukrainian Peace Plan**: European countries are working with Ukraine to develop a 12 - point proposal to end the war with Russia along the existing front lines. The implementation will be supervised by a "peace committee" led by Trump [9]. - **Gaza Cease - fire**: US Vice - President Vance is optimistic about the Gaza cease - fire agreement, and US Secretary of State Rubio plans to visit Israel to promote the implementation of the agreement [9][10]. 3.4 Contract Analysis - **2512 Contract**: Due to the seasonal characteristics of the European line and the potential impact of ship - schedule delays, the valuation of the 2512 contract is adjusted to the range of 1600 - 1900 points [13]. - **2602 Contract**: Considering the later Spring Festival in 2026 and the possible ship - sailing arrangements of shipping companies, there are long - buying opportunities for the 2602 contract, and it is recommended to enter the market through a 02 - 04 calendar spread [13]. 3.5 Trend Intensity - The trend intensity of the Container Shipping Index (European Line) is 1, indicating a relatively neutral trend [14].