1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The market has no clear trading direction, the price fluctuates, and investors should pay attention to potential reversal signals. It is recommended to take profits and wait and see in the short - term [1] - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has a seasonal rebound, and it is recommended to participate with a light position or wait and see [1] - In the context of international situation turmoil, contracts follow seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position for the arbitrage strategy [1] - For the long - term strategy, it is recommended to take profits when the contracts reach a high, wait for a pullback to stabilize, and then judge the subsequent direction [1] 3. Summary by Related Catalogs 3.1 SCFIS and NCFI Freight Rate Index - On December 26, the NCFI (composite index) was 1094.77 points, up 7.24% from the previous period; the SCFIS (European route) was 1589.20 points, up 5.2%; the NCFI (European route) was 1144.37 points, up 7.22%; the SCFIS (US West route) was 962.10 points, up 4.1%; the NCFI (US West route) was 1254.91 points, up 2.16% [1] - On December 26, the SCFI was 1656.32 points, up 103.4 points from the previous period; the CCFI (composite index) was 1124.73 points, up 0.6%; the SCFI European line price was 11690 USD/TEU, up 10.24%; the CCFI (European route) was 1473.90 points, up 0.2%; the SCFI US West route was 2188 USD/FEU, up 9.84%; the CCFI (US West route) was 792.06 points, down 0.9% [1] 3.2 Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than October's 52.5, staying above the boom - bust line of 50. The service industry PMI preliminary value was 53.1, better than expected [1] - The eurozone's December Sentix investor confidence index was - 6.2, expected - 7, previous value - 7.4 [1] - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month [1] - The US November S&P Global services PMI preliminary value was 55, expected 54.6, previous value 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month [1] 3.3 Market and Contract Information - On December 26, the main contract 2602 closed at 1824.5, up 0.161%, with a trading volume of 2.66 million lots and an open interest of 31,800 lots, down 2401 lots from the previous day [1] - The daily trading limit for contracts 2508 - 2606 was adjusted to 18% [1] - The margin for contracts 2508 - 2606 was adjusted to 28% [1] - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [1]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the given content. 2. Core Viewpoints - The market has no clear trading direction, with the market fluctuating. Traders should pay attention to potential reversal signals. It is recommended to take profits and then adopt a short - term wait - and - see approach [1]. - The tariff issue has a marginal effect, and the current core lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, suggesting light - position participation or a wait - and - see attitude [1]. - Amid the volatile international situation, each contract maintains a seasonal logic with large fluctuations. It is advisable to wait and see or try with a light position for the arbitrage strategy [1]. - For the long - term strategy, it is recommended to take profits when the contracts reach high points, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [1]. 3. Summary by Related Content 3.1 Freight Index Changes - On December 26, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1094.77 points, up 7.24% from the previous period; the Shanghai Export Container Settlement Freight Index (SCFIS) (European route) was 1589.20 points, up 5.2%; the NCFI (European route) was 1144.37 points, up 7.22%; the SCFIS (US West route) was 962.10 points, up 4.1%; the NCFI (US West route) was 1254.91 points, up 2.16% [1]. - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6%; the SCFI European route price was 11690 USD/TEU, up 10.24%; the CCFI (European route) was 1473.90 points, up 0.2%; the SCFI US West route was 2188 USD/FEU, up 9.84%; the CCFI (US West route) was 792.06 points, down 0.9% [1]. 3.2 Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The service sector PMI preliminary value was 53.1, higher than the previous value and the expected value, achieving the best monthly performance in a year and a half. The eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous value of - 7.4 [1]. - In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [1]. - The preliminary value of the US November S&P Global Services PMI was 55, higher than the expected 54.6 and the previous value of 54.8. The preliminary value of the US November S&P Global Composite PMI was 54.8, rising for the second consecutive month, higher than the expected 54.6 and the previous value of 54.6 [1]. 3.3 Contract Information - On December 26, the main contract 2602 closed at 1824.5, with a gain of 0.161%, a trading volume of 2.66 million lots, and an open interest of 31,800 lots, down 2401 lots from the previous day [1]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the daily opening position limit for all contracts 2508 - 2606 was 100 lots [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFIS has been declining significantly, and with capital outflows, the market has been fluctuating widely. It is recommended to stay out of the market during the holiday to control risks and set stop - losses [2]. - The tariff issue has a marginal effect, and the core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or just observe [2]. - The main contract is weak, while the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - takers are advised to try going long on the 12 and 02 contracts around 1600. Follow - up market trends should be monitored, and it is not recommended to hold losing positions [2]. - In the context of international instability, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position for arbitrage strategies [2]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the correction to stabilize, and then make further judgments [2]. 3. Summary by Related Content a. Freight Indexes - On September 29, SCFIS (European route) was 1120.49 points, down 10.7% from the previous period; SCFIS (US West route) was 921.25 points, down 22.8% from the previous period [2]. - On September 26, NCFI (composite index) was 717.36 points, down 8.47% from the previous period; NCFI (European route) was 614.14 points, down 8.83% from the previous period; NCFI (US West route) was 868.22 points, down 8.11% from the previous period [2]. - On September 26, SCFI was 1114.52 points, down 83.69 points from the previous period; SCFI European line price was 971 USD/TEU, down 7.70% from the previous period; SCFI US West route was 1460 USD/FEU, down 10.76% from the previous period [2]. - CCFI (composite index) was 1087.41 points, down 2.9% from the previous period; CCFI (European route) was 1401.91 points, down 4.7% from the previous period; CCFI (US West route) was 824.92 points, up 2.4% from the previous period [2]. b. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [2]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, indicating an accelerated overall expansion of Chinese enterprises' production and business activities [2]. - The US September S&P Global manufacturing PMI preliminary value was 52 (August final value 53); the service PMI preliminary value was 53.9 (August final value 54.5); the composite PMI preliminary value was 53.6 (August final value 54.6) [2]. c. Tariff and Trade - The Sino - US tariff extension continues, and there has been no substantial progress in the negotiations. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries, and the spot price has decreased slightly. The tariff issue has a marginal effect, and the core is the direction of spot freight rates [2]. d. Contract Information - On September 29, the main contract 2510 closed at 1115.0, with a decline of 3.11%, a trading volume of 1.67 million lots, and an open interest of 2.93 million lots, a decrease of 3117 lots from the previous day [2]. - The price limit for contracts 2508 - 2606 has been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The daily opening limit for all contracts from 2508 - 2606 is 100 lots [2].