1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For EC2602, it follows the spot market, the peak may have appeared in week 4, the subsequent price - cut rhythm is hard to judge, and the risk - reward ratio is poor at the current level, so entry is not recommended [3] - For EC2604, the main strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors and it's difficult to have an independent market in the short term [3] - For EC2610, the strategy is also to short on rallies. Since its price is the lowest, there is a high possibility of capital pulling under the disturbance of geopolitical reversal news [3] 3. Summary by Relevant Catalogs Contract Information - EC2602: Yesterday's closing price was 1706.0, down 4.11%, with a basis of 1681.7, yesterday's trading volume was 27173, and the open interest was 20008, a decrease of 1803 [2] - EC2604: Yesterday's closing price was 1163.3, down 1.58%, with a basis of 2224.4, yesterday's trading volume was 16470, and the open interest was 27774, an increase of 1435 [2] - EC2606: Yesterday's closing price was 1415.0, down 0.56%, with a basis of 1972.7, yesterday's trading volume was 929, and the open interest was 2476, a decrease of 3 [2] - EC2608: Yesterday's closing price was 1527.4, down 0.37%, with a basis of 1860.3, yesterday's trading volume was 225, and the open interest was 1200, an increase of 8 [2] - EC2610: Yesterday's closing price was 1105.2, down 0.61%, with a basis of 2282.5, yesterday's trading volume was 1277, and the open interest was 6619, a decrease of 131 [2] Month - spread Information - EC2502 - 2604: The previous day's month - spread was 542.7, today it's 597.1, three days ago it was 648.9, with a daily decrease of 54.4 and a weekly decrease of 92.6 [2] - EC2504 - 2606: The previous day's month - spread was - 251.7, today it's - 240.9, three days ago it was - 193.2, with a daily decrease of 10.8 and a weekly decrease of 49.8 [2] Index Information - Machine information: Updated weekly on Monday, announced on January 6, 2025, the current value is 3387.69 points, down 3.59% from the previous period, while the previous period increased by 4.44% [2] - SCFI (European Line): Updated weekly on Friday, announced on December 26, 2025, the current value is 1690 dollars/TEU, up 10.24% from the previous period, while the previous period decreased by 0.33% [2] European Line Spot Situation - Week 3: MSK opened at 2600 dollars (up 100 from the previous period), OA was 2800 - 2900 dollars, PA was 2600 dollars, and the freight rate center was 2775 dollars (equivalent to 1940 points on the disk) [4] - Week 4: MSK opened at 2700 dollars (up 100 from the previous period), OA was 2800 - 2900 dollars, PA was 2600 dollars (YML had a special price of 2450 dollars on one route), the freight rate center was 2750 dollars (equivalent to 1930 points on the disk). On Thursday, COSCO/OOCL reduced the price by 200 to 2800 dollars in the second half of the month. YML announced a special price of 2450 dollars on one route. ONE's second - half - month quote was 2600 dollars [4] Related News - On January 9, Israel said Lebanon's efforts to disarm Hezbollah were "far from enough" [5] - On January 9, the Israeli Defense Forces monitored a rocket launch from the Gaza City area towards Israeli territory. The rocket failed to reach the target and fell near a hospital in the Gaza Strip. After the failed rocket launch from Gaza, the Israeli army attacked the launch site [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The EC2512 contract is approaching the delivery logic, with P1 around 1,550 - 1,600 points. P2 and P3 are benchmarked against the second - half of December cabin positions, expecting a stable - to - rising trend. [3][11] - The EC2602 contract is undervalued. The core of going long is to wait for the signal of cargo capacity explosion. The cargo volume on the European route is strong this year. Considering factors such as the late Chinese New Year, the incomplete start of pre - holiday concentrated shipments, and the positive impact of December price cuts on January price increase implementation, if the peak season is gradually realized, EC2602 may have more upside potential. [3][11] - For the EC2604 contract, a short - selling approach on rallies is still recommended. [3][11] 3. Summary by Relevant Catalogs Futures Market - EC2512: Yesterday's closing price was 1,631.1, with a change of 1.13% and 6.07% (unclear). The basis was 8.3, the trading volume was 1,737, the open interest was 4,501, and the open interest change was - 7/31 - 2,857. [2][10] - EC2602: Yesterday's closing price was 1,471.9, the basis was 167.5, the trading volume was 41,467, and the open interest was 40,111. [2][10] - EC2604: Yesterday's closing price was 1,072.2, with a change of 1.67%. The basis was 567.2, the trading volume was 7,369, the open interest was 18,743, and the open interest change was 42. [2][10] - EC2606: Yesterday's closing price was 1,215.2, with a change of 2.11%. The basis was 424.2, the trading volume was 519, and the open interest was 2,254. [2][10] - EC2608: Yesterday's closing price was 1,339.0, with a change of 2.15%. The basis was 300.4, the trading volume was 257, the open interest was 1,630, and the open interest change was - 20. [2][10] - EC2610: Yesterday's closing price was 1,021.0, with a change of 0.87%. The basis was 618.4, the trading volume was 954, the open interest was 3,975, and the open interest change was 2,715. [2][10] Month - to - Month Spreads - EC2512 - 2504: The previous day's spread was 558.9, with a daily change of 0.6 and a weekly change of - 53.8. [2][10] - EC2512 - 2602: The previous day's spread was 159.2, with a daily change of - 66.0 and a weekly change of 14.5. [2][10] - EC2502 - 2604: The previous day's spread was 399.7, with a daily change of 66.6 and a weekly change of - 68.3. [2][10] Spot Market Indicators (European Route) - SCHIS: Updated weekly on Mondays. As of November 24, 2025, it was 1,639.37 points, with a current - period increase of 20.75% and a previous - period decrease of 9.78%. [2][10] - SCFI: Updated weekly on Fridays. As of November 28, 2025, it was 1,404 dollars/TEU, with a current - period increase of 2.71% and a previous - period decrease of 3.55%. [2][10] - CCFI: Updated weekly on Fridays. As of November 28, 2025, it was 1,449.34 points, with a current - period increase of 1.14% and a previous - period increase of 2.09%. [2][10] - NCFI: As of November 28, 2025, it was 1,024.64 points, with a current - period increase of 7.671% and a previous - period decrease of 2.83%. [2][10] Recent European Route Spot Situation - The average price in Week 49 was 2,360 dollars, equivalent to 1,650 points on the futures market. The price increase in early December failed. In Week 50, MSK's opening price dropped to 2,200 dollars, setting the tone. OA was at 2,300 - 2,400 dollars, PA was at 2,100 - 2,200 dollars, with a current central price of 2,270 dollars, equivalent to 1,580 points on the futures market. MSC plans to raise the price of second - half of December cabin positions to 3,500 dollars, and ONE to 2,800 dollars. Shipping companies are expected to announce price increases for January cabin positions in early December. [4][12] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. [5][13] - On November 29, Hezbollah in Lebanon stated that it would retaliate against Israel for the attack on its senior commander. [5][13]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - In the week 32 of August, the container receiving was good but there were mostly empty containers. In week 33, the container receiving situation of different alliances varied, with MSK performing better while OA and PA deteriorating. MSK's price dropped by $100, and OA and PA's shipping companies gradually reduced prices by about $200. Starting from late August, the supply pressure on the European route is very high, with the weekly average capacity in September 2025 (tentatively) at 343,000 TEU, and 323,000 TEU after excluding TBN [2][3]. 3. Summary by Related Catalogs EC Futures Contract Information - **Contract Prices and Changes**: The closing prices and price changes of different EC futures contracts (such as EC2508, EC2510, etc.) are presented, with the closing price of EC2508 at 190.1, EC2510 at 892.6, etc., and corresponding percentage changes [1]. - **Month - to - Month Spreads**: The month - to - month spreads between different contracts (e.g., EC2508 - 2510, EC2510 - 2512) and their daily and previous - period comparisons are provided. For example, the spread of EC2508 - 2510 is 702.5, with a daily change of 6.0 [1][2]. Index Information - **SCEIS**: Updated on July 28, 2025, the index value is 2316.56, showing a - 3.50% change from the previous period and a - 0.89% change from the period before that [2]. - **SCFI (European Route)**: Updated on August 1, 2025, the value is $2051 per TEU, with a - 1.87% change from the previous period and a 0.53% change from the period before that [2]. - **CCFI**: Updated on August 1, 2025, the value is 1789.5 points, showing a 0.13% change from the previous period and a - 0.90% change from the period before that [2]. - **NCFI**: Updated on August 1, 2025, the value is 1372.7, with a - 3.53% change from the previous period and a - 1.20% change from the period before that [2]. European Route Supply and Demand and Pricing - **Supply**: Starting from late August, the supply pressure on the European route is high, with the weekly average capacity in week 34/35 at 340,000 TEU, and in September 2025 (tentatively) at 343,000 TEU, 323,000 TEU after excluding TBN [3]. - **Pricing**: Currently, downstream customers are booking spaces for the first half of August (week 32 - 33). The price in week 32 may settle at around $3200 (equivalent to 2250 points on the futures market), and the current average quote in week 33 is about $3150 (equivalent to around 2200 points on the futures market) [3]. Related News - The United States will impose tariffs ranging from 15 - 41% on 67 countries/regions starting from August 7 [4]. - The cease - fire negotiation in Gaza is on the verge of collapse, and Israel is considering expanding military operations [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Under the suppression of high capacity, as demand gradually enters the off - season, freight rates will face pressure in the future [1] 3. Summary by Related Catalogs EC Futures Contracts - EC2508 had a yesterday's trading price of 2183.2, a decline of 1.33%, a spread of 133.4, a trading volume of 2525, an open interest of 7369, and an open interest change of - 989 [1] - EC2510 had a trading price of 1502.8, a decline of 1.62%, a spread of 813.8, a trading volume of 56014, and an open interest change of 717 [1] - EC2512 had a trading price of 1737.8, an increase of 1.02%, a spread of 578.8, a trading volume of 1530, and an open interest change of 79 [1] - EC2602 had a trading price of 1541.0, an increase of 1.46%, a spread of 775.6, a trading volume of 2813, an open interest of 4456, and an open interest change of - 23 [1] - EC2604 had a trading price of 1370.0, an increase of 0.61%, a spread of 946.6, a trading volume of 2340, an open interest of 5242, and an open interest change of - 283 [1] - EC2606 had a trading price of 1493.6, a decline of 1.61%, a spread of 823.0, a trading volume of 323, an open interest of 832, and an open interest change of 44 [1] Month - to - Month Spreads - EC2508 - 2510 had a spread of 680.4 compared to 685.1 the previous day and 661.0 three days ago, a daily change of - 4.7, and a weekly change of - 21.3 [1] - EC2510 - 2512 had a spread of - 235.0 compared to - 192.7 the previous day and - 196.0 three days ago, a daily change of - 42.3, and a weekly change of - 74.3 [1] - EC2512 - 2602 had a spread of 196.8 compared to 201.4 the previous day and 217.6 three days ago, a daily change of - 4.6, and a weekly change of - 51.4 [1] Freight Rate Indexes - The Terdar index on July 28, 2025, was 2316.56, a decline of 3.50% from the previous period and 0.89% from two periods ago [1] - The SCFI (European Line) on July 25, 2025, was 2090 dollars/TEU, an increase of 0.53% from the previous period and a decline of 0.95% from two periods ago [1] - The CCFI (European Line) on July 25, 2025, was 1787.24, a decline of 0.90% from the previous period and an increase of 4.46% from two periods ago [1] - The NCFI on July 25, 2025, was 1422.9, a decline of 1.20% from the previous period and an increase of 0.35% from two periods ago [1] - The TCI on July 18, 2025, was 1054.56, a decline of 0.75% from the previous period and no change from two periods ago [1] European Line Supply and Demand - The average weekly capacity in August and September (tentatively) is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure, especially in the second half of August [1] - There is a situation of transfer from the US line in the European line schedule. Supported by the base cargo volume of shipping companies, the loading rate of shipping companies in late July had no significant pressure. In early August, the base cargo still provided some support, but the cargo volume declined marginally and gradually entered the off - season [1] Recent European Line Quotation - In July, the price remained stable at around 2400 points. In August, the PA Alliance dropped by 200 - 300 to 3100 US dollars, MSK's opening price dropped slightly (2900 - 3000 US dollars) and then rose slightly, and OA continued to use 3400 - 3500 US dollars. The price in week 31 landed at about 3300 US dollars (equivalent to 2300 points on the disk) [2] Related News - On July 28, the US - EU trade agreement may mean a long - term suspension of interest rate cuts by the European Central Bank. The risk balance may lean towards no interest rate cut at all [3] - On July 29, Israel is considering a full - scale military occupation of the Gaza Strip [3] - On July 29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [3] - On July 29, German government will approve the 2026 budget with record - high investment [3]

Group 1: Futures Contract Information - EC2508 yesterday's closing price was 2244.9, up 0.23%, with a basis of 155.6, trading volume of 3037, open interest of 9684, and a decrease of 1355 in open interest [2][21] - EC2510 yesterday's closing price was 1583.9, up 3.05%, with a basis of 816.6, trading volume of 65187, open interest of 50586, and an increase of 455 in open interest [2][21] - EC2512 yesterday's closing price was 1779.9, up 4.59%, with a basis of 620.6, trading volume of 8181, open interest of 8741, and an increase of 295 in open interest [2][21] - EC2602 yesterday's closing price was 1562.3, up 5.75%, with a basis of 838.2, trading volume of 2391, open interest of 4327, and an increase of 233 in open interest [2][21] - EC2604 yesterday's closing price was 1382.0, up 4.38%, with a basis of 1018.5, trading volume of 2581, open interest of 5513, and a decrease of 287 in open interest [2][21] - EC2606 yesterday's closing price was 1506.9, up 2.59%, with a basis of 893.6, trading volume of 301, open interest of 841, and an increase of 34 in open interest [2][21] Group 2: Month - to - Month Spread Information - The spread of EC2508 - 2510 was 661.0 the previous day, with a daily decrease of 41.7 and a weekly increase of 8.1 [2][21] - The spread of EC2510 - 2512 was - 196.0 the previous day, with a daily decrease of 31.2 and a weekly decrease of 18.0 [2][21] - The spread of EC2512 - 2602 was 217.6 the previous day, with a daily decrease of 6.9 and a weekly decrease of 78.3 [2][21] Group 3: Spot Index Information - The τcı index was updated every Monday, and on July 21, 2025, it was 2400.5 points, down 0.89% from the previous period and up 7.26% from the period before the previous one [2][21] - The SCFI (European line) was updated every ninth day of the week, and on July 18, 2025, it was 2079 dollars/TEU, down 0.95% from the previous period and down 0.10% from the period before the previous one [2][21] - The CCFI (European line) was updated every Friday, and on July 18, 2025, it was 1803.42 points, up 4.46% from the previous period and up 1.90% from the period before the previous one [2][21] - The NCFI was updated every ninth day of the week, and on July 18, 2025, it was 1440.25 points, up 0.35% from the previous period and down 0.50% from the period before the previous one [2][21] - The TCI was updated daily, and on July 18, 2025, it was 1054.56 points, down 0.75% from the previous period and unchanged from the period before the previous one [2][21] Group 4: Supply - Demand and Pricing Information - In August, the average weekly capacity of the European line was up to 320,000 TEU, an 8% increase from the previous month. The cargo volumes in week32, 33, 34, and 35 were 343,000, 305,000, 320,000, and 305,000 TEU respectively. The base cargo in week32 still had support, the loading rate was good, but the cargo volume showed marginal weakness [2][21] - Currently, downstream is booking spaces for early August (week31 - 32). In July, the prices remained stable at around 2400 points. In August, several shipping companies announced price increases (EMC up 100, CMA up 400, HPL up 200, MSC up 200), while MSK (shanghai - rotterdam) decreased the price by 100 to 2900 dollars [3][22]