Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The EC is currently in a contradiction between weak reality and strong expectations, and fluctuates greatly under the influence of Middle - East geopolitics and Sino - US tariff policies [2]. - On Wednesday, the futures market fluctuated upward under the influence of geographical news, shipping company announcements, and capital position transfers. The YML released a week 44 quote of $1550 [2]. - The downstream is currently booking space for late October. The OA quotes around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures). The week 43 OA had good cargo collection, while PA and GEMINI alliances had average cargo collection, with a possibility of further price drops (more offline) [2]. - The expected settlement price of the 10 - contract is between 1050 - 1100 points. With high shipping capacity in week 44, the expected price increases in the first half of November are likely to fall short. There are still multiple potential price - increase nodes in the future. Currently, the valuation of the 12 - contract is high, and going long has returned to a period driven by fundamentals. Geopolitics has a significant impact on the 2026 contracts [2]. 3. Summary by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1120.6 | - 1.37 | - 88.8 | 3412 | 11335 | - 1820 | | EC2512 | 1708.6 | 2.06 | - 676.8 | 42616 | 27023 | - 168 | | EC2602 | 1463.4 | - 0.07 | - 431.6 | 8209 | 9822 | 112 | | EC2604 | 1142.0 | - 0.70 | - 110.2 | 4498 | 13676 | 310 | | FC.2606 | 1306.6 | - 0.93 | - 274.8 | - | 1510 | 39 | [2] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Daily Change | Week - on - Week Change | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 - 2512 | - 588.0 | - 537.9 | - 433.1 | - 50.1 | - 19.9 | | EC2512 - 2602 | 245.2 | 209.7 | 202.6 | 35.5 | - 36.8 | [2] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Change | Previous Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | - | Weekly | 2025/10/13 | Points | 1031.80 | 1046.50 | 1120.49 | - 1.40% | - 6.60% | | SCFI (European Line) | Weekly | 2025/10/10 | US dollars/TEU | 1068 | 971 | 971 | 9.99% | 0.00% | | CCFI (European Line) | Weekly | 2025/10/10 | Points | 1287.15 | 1401.91 | 1401.91 | - 8.19% | 0.00% | | NCFI | Weekly | 2025/10/10 | Points | 698.67 | 627.21 | 614.14 | 11.39% | 2.13% | [2] Recent European Line Quotation Information - Week 40 - 41: The average quote was $1470 (equivalent to 1030 points on the futures) [3]. - Week 42: The online quote was $1800. Offline, OA quoted around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures) [3]. - November price increase announcements: MSK, CMA, OOCL announced price increases to around $2500, equivalent to around 1750 points on the futures. However, many shipping companies had average cargo collection in week 43, and shipping capacity was high in week 44 (330,000 TEU), making the expected price increases difficult to materialize [3][11]