1、苯乙烯期货合约的交割单位为5吨。同时收取的交割手续费为1元/吨，取样及检验收费实行最高限 价，由交易所制定并公布，仓储费收取标准为1.6元／吨.天，无损耗费。 2、苯乙烯期货采用实物交割，沿用成熟的标准仓单制度，仓库交割与厂库交割并行的交割制度，并适 用一次性交割、期转现交割和滚动交割，充分兼顾现货贸易习惯和可操作性，能够确保苯乙烯期货可供 交割量。 根据大连商品交易所的规定，苯乙烯期货的交易单位为5吨/手，因此两手合约对应的实物苯乙烯重量为 5吨×2=10吨。 苯乙烯期货合约的标准大小由交易所设定，通常以单位重量(如吨)表示。注意，它的报价单位为元(人民 币)/吨。苯乙烯期货合约的报价通常以每单位重量的货币计价，交割单位为标准乘数乘以合约大小。 苯乙烯期货交割重量有何要求？ 两手苯乙烯期货合约的重量是10吨。 ...

GEMINI: HPL-SPOT12月第三周NE2/AE1运价下调至2235美元/FEU;MSK昨开第四周价格位于2300美元/FEU今日持平。 0CEAN: CMA12月上半月运价回落至2345美元/FEU,下调300美元,与000L12月上半月2880美元/FEU持平。下半月GMA、00CL分别位 于2745美元/FEU、2530-2630美元/FEU,线下价格位于2450-2600美元/FEU。 PA&MSC: YML下午更新12月21-31日运价位于1575美元/TEU、2650美元/FEU, 环比上周宣涨价格(1675美元/TEU、2850美元/FEU) 下调200美元/FEU,但环比12月上半月价格（1250美元/TEU、2000美元/FEU）上涨650美元。 地缘方面,据以色列时报,一名哈马斯消息人士称:我们会就解除武装进行谈判,但不能被迫放弃枪支。该人士表示,在此类谈 判中,哈马斯将要求以色列完成从加沙撤军并要求调解者保证以色列不得恢复在加沙的军事行动。哈马斯对解除武装表态软化,但条 件设定严峻;停火谈判第二阶段或复杂化。 宏观方面,前日法国总统结束对中国的访问并返回巴黎即表达了强硬立场,批评 ...

交易标的是期货合约的核心要素之一，指合约双方约定交割的资产对象，涵盖商品类与金融类两大范 畴。商品类标的包括农产品（如大豆、玉米）、工业金属（如铜、铝）、能源产品（如原油）等；金融 类标的包括股票指数（如沪深300指数）、国债、外汇等。根据法规要求，标的资产需具备标准化属 性，即明确规定质量等级、规格、计量方式等细节——例如商品期货中大豆的国标一等等级、每手对应 吨数，股指期货中指数的编制方法等，确保交易双方对标的的认知一致，消除交易歧义。 合约单位与交割条款是期货合约的执行基础。合约单位指每一份期货合约对应的标的资产数量，是交易 的基本单位（如某大豆期货合约单位为10吨/手），由交易所统一设定，确保交易规模的规范性。交割 条款包含交割期限与交割方式：交割期限为合约到期的具体月份，参与者需在到期前完成平仓或履约； 交割方式分为实物交割与现金交割，实物交割适用于商品期货，现金交割适用于金融期货（如股指期货 以交割日指数与合约价格的差价结算）。此外，实物交割设有指定交割地点，即交易所认可的交割仓 库，保障交割流程的可操作性。 价格相关要素决定了合约的交易精度与风险边界。报价单位是标的的计价形式，如商品期货用"元/ ...

消息面 Week50: MSK开舱下跌至2200美金定调，其余船司陆续跟跌，OA2300-2400，PA1900-2100。目前中枢2200美金，折盘1550点, ，COSCO线下2400美金（+200美金）。 Week51: MSK开舱2400 (+200美金) MSK发布1月份涨价函，欧线20/40英尺集装箱运费分别提涨至2275/3500美金。 state w | | | | | A BILL A BELLER | 11 11 11 14 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心能化团队 | | | 2025/12/9 | | | 合约 EC2512 | | 昨日收盘价 1669.8 | 涨跌 0.68% | 基差 -160.7 | 昨日成交量 330 | | 昨日持仓量 3304 | 持合变动 -106 | | | EC2602 | | 1615.3 | 0.34% | -106.2 | 19294 | | 31466 | -749 | | | EC2604 | ...

Report Information - Report Date: December 2, 2025 [1] - Author: Zhang Pengzhen [1] - Author ID: Z0003135 [1] Futures Closing Prices - 01 Contract: Opened at 1677, closed at 1668, down 0.54% [2] - 05 Contract: Opened at 1743, closed at 1727, up 0.93% [2] - 09 Contract: Opened at 1757, closed at 1736, up 1.21% [2] - Methanol Main Contract: Opened at 2135, closed at 2114, up 0.99% [2] Futures Contract Spreads - 01 Contract - 05 Contract: Spread was -66 on November 28, down 11.86% from November 27 [2] - 05 Contract - 09 Contract: Spread was -14 on November 28, down 55.56% from November 27 [2] - 09 Contract - 01 Contract: Spread was 80 on November 28, up 17.65% from November 27 [2] - UR - MA Main Contract: Spread was -378 on both November 28 and 27 [2] Main Positions - Long Top 20: 127,004 on November 28, down 0.39% from November 27 [2] - Short Top 20: 153,617 on November 28, down 2.63% from November 27 [2] - Long - Short Ratio: 0.85 on November 28, up from 0.83 on November 27 [2] - Unilateral Trading Volume: 146,936 on November 28, up 9.26% from November 27 [2] - Zhengzhou Commodity Exchange Warehouse Receipts: 7,587 on November 28, up 5.65% from November 27 [2] Upstream Raw Materials - Anthracite Small Pieces (Shecheng): Price was 930 yuan/ton on both November 28 and 27 [2] - Steam Coal Pit - Mouth (Ejin Horo Banner): Price was 620 yuan/ton on November 28, down from 630 yuan/ton on November 27 [2] - Steam Coal Port (Qinhuangdao): Price was 821 yuan/ton on November 28, down 0.12% from November 27 [2] - Synthetic Ammonia (Shandong): Price was 2,446 yuan/ton on November 28, up 0.62% from November 27 [2] Spot Market Prices - Shandong (Small Granules): Price was 1,670 yuan/ton on November 28, up 1.21% from November 27 [2] - Shanxi (Small Granules): Price was 1,530 yuan/ton on November 28, up 0.66% from November 27 [2] - Henan (Small Granules): Price was 1,660 yuan/ton on November 28, up 0.61% from November 27 [2] - Northeast Region (Small Granules): Price was 1,720 yuan/ton on both November 28 and 27 [2] - Guangdong (Small Granules): Price was 1,770 yuan/ton on November 28, up 0.57% from November 27 [2] - Guangxi (Small Granules): Price was 1,810 yuan/ton on November 28, up 0.56% from November 27 [2] - FOB China: Small Granules: Price was 400 US dollars/ton on both November 28 and 27 [2] - US Gulf FOB: Large Granules: Price was 375 US dollars/ton on both November 28 and 27 [2] Cross - Regional Spreads - Shandong - Henan: Spread was 10 yuan/ton on both November 28 and 27 [2] - Guangdong - Henan: Spread was 110 yuan/ton on both November 28 and 27 [2] - Guangdong - Shanxi: Spread was 240 yuan/ton on both November 28 and 27 [2] - Domestic - Overseas Spread: Spread was 26 US dollars/ton on both November 28 and 27 [2] Basis - Shandong Basis: Basis was -7 on November 28, up 61.11% from November 27 [2] - Shanxi Basis: Basis was -147 on November 28, up 0.68% from November 27 [2] - Henan Basis: Basis was -17 on November 28, up 5.56% from November 27 [2] - Guangdong Basis: Basis was 92 on November 28, up 1.09% from November 27 [2] Downstream Products - Melamine (Shandong): Price was 5,190 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%S (Henan): Price was 3,000 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer 45%CL (Henan): Price was 2,580 yuan/ton on both November 28 and 27 [2] - Compound Fertilizer - Urea Ratio: Ratio was 1.68 on November 28, down from 1.69 on November 27 [2] Fertilizer Market - Ammonium Sulfate (Shandong): Price was 1,070 yuan/ton on November 28, up 0.23% from November 27 [2] - Sulfur (Zhenjiang): Price was 3,960 yuan/ton on both November 28 and 27 [2] - Potassium Hydride (Jinghai): Price was 3,150 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Jiangsu): Price was 3,750 yuan/ton on both November 28 and 27 [2] - Monoammonium Phosphate (Baltic Sea): Price was 605 US dollars/ton on both November 28 and 27 [2] - Diammonium Phosphate (Jiangsu): Price was 4,250 yuan/ton on both November 28 and 27 [2] - Diammonium Phosphate (US Gulf Region): Price was 647.7 US dollars/ton on both November 28 and 27 [2] Supply - Demand Situation Daily Data - Domestic Urea Daily Output: 20.34 million tons on November 28, up 1.19% from November 27 [2] - Coal - Based Urea Daily Output: 16.40 million tons on November 28, up 1.11% from November 27 [2] - Gas - Based Urea Daily Output: 3.94 million tons on November 28, up 1.55% from November 27 [2] - Small - Granule Urea Daily Output: 16.59 million tons on November 28, up 1.47% from November 27 [2] - Urea Manufacturer Operating Rate: 84.10% on November 28, up 1.19% from November 27 [2] Weekly Data - Domestic Urea Weekly Output: 141.70 million tons on November 28, down 0.24% from November 21 [2] - Domestic Urea Plant Maintenance Loss (Weekly): 20.94 million tons on November 28, up 12.94% from November 21 [2] - Domestic Urea In - Plant Inventory (Weekly): 136.39 million tons on November 28, down 5.10% from November 21 [2] - Domestic Urea Port Inventory (Weekly): 10.00 million tons on both November 28 and November 21 [2] - Domestic Northeast Urea Inflow (Weekly): 16.50 million tons on November 28, down 34.00% from November 21 [2] - Domestic Urea Producer Order Days (Weekly): 6.65 days on November 28, down 6.60% from November 21 [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The freight rate entered a correction period in the second half of November, and attention should be paid to Maersk's price offer in the last week of November [1]. - The cease - fire agreement between Israel and Hamas is fragile, and the second - stage cease - fire agreement is still "out of reach." [3] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5]. Summary by Directory Market Analysis - Online quotes: Different shipping companies have different price quotes for the Shanghai - Rotterdam route in November and December. For example, Maersk's 46 - week quote for Shanghai - Rotterdam is 1335/2230, and it has issued a price increase letter for December to 2080/3200 [1]. - Geopolitical situation: The first - stage cease - fire agreement between Israel and Hamas has been in effect for one month, but its implementation has been full of twists and turns, and the second - stage agreement is still uncertain [3]. - Dynamic supply: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and the monthly average weekly capacity in December is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December [3]. Contract Analysis - 12 - month contract: It focuses on the trading rhythm. The shipping companies will adjust the supply to keep the freight rate at a high level. The price increase expectations and actual implementation will alternate. If each price increase letter lands at about 300 US dollars/FEU for three rounds, the price in the second half of December may reach 3000 US dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 points [4]. - 2026 February contract: There may be a large expectation gap, but it is currently suppressed by the resumption of navigation expectations. Attention should be paid to how the exchange defines the delivery settlement price [5]. Market Data - As of November 10, 2025, the total open interest of all container shipping index European line futures contracts is 70,044.00 lots, and the single - day trading volume is 29,041.00 lots. The closing prices of different contracts are as follows: EC2602 is 1604.90, EC2604 is 1166.10, etc. [6]. - On November 7, the SCFI (Shanghai - Europe route) price is 1323 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2212 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2848 US dollars/FEU. On November 10, the SCFIS (Shanghai - Europe) is 1504.80 points, and the SCFIS (Shanghai - US West) is 1329.71 points [6]. - In 2025, it is still a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU [6]. Strategy - Unilateral: The 12 - month contract will fluctuate. - Arbitrage: None at present.

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The macro - expectations and the expectations of price increase letters are driving the strong performance of futures contracts. The 12 - month contract is expected to first trade on the price increase expectations, then the actual implementation of price increase letters. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations. The 12 - month contract is expected to be in an upward - trending oscillation, and the valuation ceiling may be around 2100 - 2200 points [1][4][5] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Online quotes show different price levels for various shipping companies on the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk has different quotes for the 45th and 46th weeks, and many shipping companies have different quotes for the first and second half - months of November [1][2] - Geopolitical events: Israeli Defense Minister Katz stated that the Israeli military has killed dozens of Hamas commanders and attacked dozens of infrastructure targets since the 28th [2] 3.2 Dynamic Supply - The weekly average capacity from China to European base ports in October is 324,100 TEU, 283,900 TEU in November, and 321,800 TEU in December. There are 8 blank sailings and 3 TBNs in November, and 5 TBNs in December [3] 3.3 12 - Month Contract - The 12 - month contract focuses on the rhythm of trading. First, it trades on the price increase expectations, then the actual implementation of price increase letters. The 11 - month first - half actual implementation prices are gradually being revised downwards. It is expected that there will be three rounds of price increase letters by the time of the 12 - month contract delivery. If each round of price increase letters is implemented at 300 US dollars/FEU, the price in the second half of December may reach 3000 US dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 - 2200 points [4] 3.4 2026 February Contract - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations. Whether the shipping companies' contract - signing and price - holding time will be postponed is uncertain. If the high price is implemented in January 2026, the February contract price may be higher than the 12 - month contract price [5][6] 3.5 Strategy - For the single - side trading, the 12 - month contract is expected to be in an upward - trending oscillation. There is no current strategy for arbitrage [8] 3.6 Other Data - As of October 29, 2025, the total open interest of all container shipping index European line futures contracts is 65,807 lots, and the single - day trading volume is 46,921 lots. The closing prices of different contracts such as EC2602, EC2604, etc. are provided. The SCFI prices for different routes on October 24 and the SCFIS prices on October 27 are also given [6] - In 2025, it is still a big year for container ship deliveries. As of October 26, 2025, 215 container ships have been delivered, with a total capacity of 1.7618 million TEU [7]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - The freight rate center continues to decline, with the HMM price revised down to $1700/FEU. The 10 - month contract is under downward pressure, and short - allocation is relatively safe, but attention should be paid to the price level at which shipping companies try to stabilize prices. The 12 - month contract follows the off - peak and peak season pattern, but the risk lies in the bottom of the current freight rate decline. The main contract shows a weak and fluctuating trend, and it is advisable to short the 10 - month contract at high prices [1][4][5]. - 2025 is a major year for container ship deliveries, with 180 ships delivered so far, totaling 1.452 million TEU of capacity [7]. Summary by Directory 1. Futures Prices - As of September 4, 2025, the total open interest of all container shipping index European route futures contracts is 80,613 lots, and the daily trading volume is 37,244 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are $1518.70, $1247.80, $1443.00, $1607.40, $1300.70, and $1676.00 respectively [6]. 2. Spot Prices - Online quotes from various shipping companies show a general downward trend in freight rates. For example, Maersk's Shanghai - Rotterdam prices in weeks 37 and 38 have decreased, and many shipping companies' prices in September and October have also declined. The current 9 - month freight rate center has dropped to around $1900/FEU [1][4]. 3. Container Ship Capacity Supply - MSC and the Gemini Alliance have announced blank sailings during the Chinese Golden Week. In September, there are 3 blank sailings, and in October, there are 10 blank sailings and 7 TBNs. HPL has announced two additional ships in October, with a total capacity of about 11,500 TEU. As of August 31, 2025, 180 container ships have been delivered in 2025, with a total capacity of 1.452 million TEU [3][7]. 4. Supply Chain - Geopolitical factors, such as the Israeli military's actions in Gaza, may affect the shipping supply chain. The Israeli military is expanding its operations in Gaza, which may lead to potential impacts on shipping routes and trade [2]. 5. Demand and European Economy - The US NRF estimates that the demand for container imports in the US from September to December 2025 will decline by about 20% compared to the same period in 2024. The demand in the US line is weak, and if ships from the US line are transferred to the European line in the fourth quarter, it may put pressure on European line prices [5].

Report Summary 1. Industry Investment Rating - No industry investment rating was provided in the report. 2. Core Viewpoints - The overall situation in September is stable, and the driving force will continue to be positive for at least the next two weeks. The decline in October depends on shipping companies' suspension of voyages. In terms of valuation, the price in October is close to the annual low (1250 - 1300), with limited downside. The December contract will decline in the short - term following the driving force, but considering the peak season and long - term agreement negotiation season, attention can be paid to the opportunity of buying at low prices [1]. 3. Summary by Relevant Content Futures Contract Information - **Contract Prices and Changes**: For futures contracts such as FC2510, EC2512, EC2602, etc., prices showed different degrees of change. For example, FC2510 had a - 1.32% change, and EC2512 had a - 1.86% change. The price differences between different contracts also changed, like the EC2510 - 2512 spread was - 378.2, with a 14.6 day - on - day change and a - 92.2 week - on - week change [1]. - **Volume and Open Interest**: The trading volume and open interest of each contract varied. For instance, the trading volume of EC2510 was 51946, and the open interest was 25510 [1]. Spot Index Information - **Index Changes**: Indicators such as SCHIS, SCFI, CCFI, and NCFI all showed declines. SCHIS decreased by - 100.00% compared to the previous period, and SCFI dropped by - 11.21% [1]. Shipping Capacity Information - **Original Shipping Capacity**: In September and October, the weekly average shipping capacity was 29.6 and 30.9 million TEU respectively. After considering all TBN as suspended voyages, it was 29.6 and 28.1 million TEU respectively. After the September 4th update, due to the suspension of voyages during the National Day holiday, the shipping capacity in week 40 and 41 decreased to 31 and 23.7 million TEU respectively, and the weekly average in October was 28.9 million TEU. After considering all TBN as suspended voyages, the shipping capacity in September and October was 29.6 and 26 million TEU respectively [1][2]. Price Quotation Information - **Recent Quotations**: Currently, downstream customers are booking spaces for mid - September (week 37 - 38). In week 36, the shipping company's quotation was between 2120 - 2420, with an average of 2250 US dollars (1550 points). In week 37, the average quotation was 2100 US dollars (1450 points), and in week 38, it was 2000 US dollars (1370 points). On Wednesday, YML quoted 1800 US dollars for the second half of September and the first half of October [3]. News Information - **Military News**: On September 2, the Israeli military stated that its military operations in Gaza City had advanced to new areas. On September 4, Hamas reiterated its willingness to reach a comprehensive agreement in Gaza and release all Israeli hostages [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main contract is expected to fluctuate weakly. It is advisable to short the October contract when the price is high. The October contract is mainly for short - allocation as it is a off - season contract, and the freight rate center continues to decline. The risk for the December contract lies in the bottom of the current freight rate decline. [6][7][9] - The supply of container ship capacity is affected by factors such as ship delivery and empty - sail filling. The freight rate is influenced by supply and demand, economic conditions, and shipping company strategies. [4][6][7] 3. Summary by Directory 3.1 Futures Prices - As of August 25, 2025, the total open interest of all contracts of the container shipping index European route futures was 80,906.00 lots, and the single - day trading volume was 49,119.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts were 1496.90, 1284.00, 1445.70, 2136.00, 1358.00, and 1696.70 respectively. [8] 3.2 Spot Prices - Online quotes from different alliances and shipping companies vary. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam price in week 36 was 1315/2210; HPL's quotes for the first half and second half of September were 1435/2235. In the Ocean Alliance, CMA's Shanghai - Rotterdam quotes for the second half of August and September were 1510/2620 and 1410/2420 respectively. [1][3] - The final delivery settlement price of the August contract was 2135.28 points. The 10 - month contract is a quarterly contract, mainly for short - allocation, and the freight rate center continues to decline. Normally, the price in October is 20% - 30% lower than that in August. [5][6] 3.3 Container Ship Capacity Supply - In August, the remaining one - week capacity from China to European base ports was 308,400 TEU, and the capacity in week 35 was 30.84 TEU. The average weekly capacity in September was 310,600 TEU, and the capacities in weeks 36/37/38/39 were 326,500/276,000/314,500/325,500 TEU respectively. The average weekly capacity in October was 282,300 TEU. [4] - In September, the two empty sailings of the PA alliance were filled. In week 38, the FE4 route was filled by HMM AQUAMARINE (13,788 TEU), and in week 37, the FE3 route was filled by HMM ALGECIRAS (23,964 TEU). HPL announced information about two additional ships in October. [4] - As of August 22, 2025, 177 container ships with a total capacity of 1.432 million TEU had been delivered in 2025. Among them, 57 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total of 859,000 TEU, and 8 ships with a capacity of over 17,000 TEU were delivered, with a total of 176,880 TEU. [9] 3.4 Supply Chain No specific analysis content provided, only figure references. 3.5 Demand and European Economy - The US NRF estimates that the demand for container imports in the US from September to December 2025 will decline by about 20% compared with the same period in 2024. In the fourth quarter, Western holidays are concentrated, and shipping companies usually adjust supply to keep freight rates at a high level. However, if ships from the US route are transferred to the European route, it may put pressure on European route prices. [7]