Report Industry Investment Rating - Not provided Core Viewpoints - On Wednesday, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2602 closed up 3.41%, and the far - month contracts closed up between 1 - 2%. The shipping companies' price increase announcements in late December drove up the futures prices [1]. - The SCFIS European line settlement freight rate index rebounded, and the new export order index in November showed a pre - Christmas recovery in terminal transportation demand [1]. - Spot freight rates of shipping companies increased, which also contributed to the rise in futures prices [1]. - The geopolitical conflict is in a stalemate, and its short - term impact on freight rates has weakened. The improvement of the trade war situation and the arrival of the shipping peak season are conducive to the recovery of futures prices. The current freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [1]. Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1665.200, up 54.9; EC sub - main contract closing price: 1080.7, up 6.10 [1]. - EC2602 - EC2604 spread: 584.50, up 38.30; EC2602 - EC2606 spread: 439.60, up 38.90; EC contract basis: - 156.10, down 45.40 [1]. - Futures holding positions: 31382, up 669; EC main contract holding volume: not specified [1]. Spot Market Data - SCFIS (European line) (weekly): 1509.10, up 25.45; SCFIS (US West line) (weekly): 960.51, up 11.74 [1]. - SCFI (composite index) (weekly): 1114.89, down 6.91; CCFI (European line) (weekly): 1447.56, down 1.78; CCFI (composite index) (weekly): not specified [1]. - Container ship capacity (10,000 TEUs): 1227.97, up 0.11 [1]. Shipping - related Indexes - Baltic Dry Index (daily): 2557.00, up 137.00; Panama Freight Index (daily): 1786.00, up 27.00 [1]. - Average charter price (Panamax ship): 16670.00, unchanged; Average charter price (Capesize ship): 37465.00, down 400.00 [1]. Industry News - The Minister of Commerce Wang Wentao met with the Managing Director of the International Monetary Fund Kristalina Georgieva, emphasizing China's hope for objective research on international economic and trade issues and strengthening policy communication [1]. - The United Nations Conference on Trade and Development reported that global trade volume will increase by about 7% (an increase of $2.2 trillion) in 2025, reaching a record of $35 trillion [1]. - US President Trump said he would use support for immediate and significant interest rate cuts as a "touchstone" for selecting the new Fed Chairman and might adjust tariff policies to help reduce prices [1]. Key Data to Focus On - December 11, 03:00: US Fed interest rate decision (upper limit) as of December 10 [1] - December 11, 21:30: US initial jobless claims (in ten thousand) for the week ending December 6 [1] - December 11, 21:30: US trade balance (in $100 million) for September [1] - December 11, 23:00: US wholesale sales monthly rate for September [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the futures prices of the Container Shipping Index (European Line) declined collectively. The main contract EC2602 fell 6.67%, and the far - month contracts fell between 7 - 11%. The poor implementation of the freight rate increase plan led to a significant decline in the near - month futures prices. The latest SCFIS European Line settlement freight rate index rebounded significantly, up 20.7% week - on - week. The recovery foundation of terminal transportation demand is not solid. Spot freight rates decreased, and the geopolitical conflict between Russia and Ukraine remained stalemated. The eurozone economy continued to improve. The shipping capacity remained loose, and the traditional peak - season boost effect might be weaker than expected. The futures prices are expected to fluctuate more violently [6][42]. Summary According to the Table of Contents 1. Market Review - Futures: The main contract price of the Container Shipping Index (European Line) futures declined rapidly this week. Contracts such as EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 all had different degrees of decline, with the decline ranging from 6.55% to 11.03%. The trading volume and open interest of the EC2512 contract remained high, and market trading warmed up [9][13][15]. - Spot: The latest SCFIS European Line settlement freight rate index was 1639.37, up 271.7 points from last week, a 20.7% week - on - week increase [6][42]. 2. News Review and Analysis - China expressed strong dissatisfaction and firm opposition to Japan's prime minister's wrong remarks on Taiwan. This news was considered neutral to bearish [18]. - Trump's team made progress in ending the Russia - Ukraine conflict, and a peace plan was being negotiated. This news was considered neutral to bullish [18]. - The European Central Bank's meeting minutes strengthened the market's expectation that the current interest - rate cut cycle had ended, which was considered neutral to bullish [18]. - Some Fed officials signaled interest - rate cuts, while others thought it was necessary to hold the rates steady in December. This news was considered neutral [18]. 3. Chart Analysis - The basis and spread of the Container Shipping Index (European Line) futures contracts shrank this week [25]. - The export container freight rate index declined collectively this week [29]. - Global container shipping capacity continued to grow, and the European Line capacity recovered as the peak season approached. The BDI and BPI declined due to geopolitical factors [32]. - The charter price of Panamax ships fluctuated at a high level this week, and the spread between the offshore and on - shore RMB against the US dollar narrowed [36]. 4. Market Outlook and Strategy - The futures prices of the Container Shipping Index (European Line) declined this week. The implementation of the freight rate increase plan was poor, and the recovery of terminal transportation demand was not solid. Spot freight rates decreased, and the geopolitical situation was stalemated while the eurozone economy continued to improve [42]. - The shipping capacity remained loose, and the boost effect of the traditional peak season might be weaker than expected. The futures prices are expected to fluctuate more violently. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [7][43].

Core Insights - Eurozone's business activity unexpectedly accelerated in October, driven by new orders, indicating a rebound in economic momentum at the start of the fourth quarter [1] - The Eurozone Composite Purchasing Managers' Index (PMI) rose from 51.2 in September to 52.2 in October, marking the tenth consecutive month of expansion and reaching a 17-month high, significantly surpassing the Reuters survey expectation of 51.0 [1] Economic Performance - Germany's private sector exhibited the strongest growth in nearly two and a half years, primarily supporting robust expansion in the services sector [1] - In contrast, France experienced a decline in demand due to political turmoil, with business activity contracting faster than market expectations [1] Sector Analysis - The services sector continued to lead, with its PMI rising to 52.6, a 14-month high [1] - The manufacturing output index slightly increased to 51.1, and the overall manufacturing PMI returned to 50.0, outperforming expectations [1] Employment Trends - Overall employment showed improvement, with service sector employment growing at the fastest rate since June 2024, while manufacturing layoffs occurred at the fastest pace in four months [1] Pricing and Inflation - Cost growth slightly slowed, but the pace of price increases by businesses picked up marginally [1] - The chief economist at Hamburg Commercial Bank noted that service sector inflation remains moderate, with sales prices rising but close to long-term averages, suggesting the European Central Bank may keep interest rates unchanged [1] Business Confidence - Despite the improvement in business activity, corporate confidence fell to a five-month low, indicating a cautious market outlook [1]