Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The pre - holiday sentiment is one of strong wait - and - see. The futures market is oscillating, and it is recommended to take profits and then mainly adopt a wait - and - see approach in the short term [1][7] - 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, and it is suggested to participate lightly or wait and see [5] - Attention should be paid to tariff policies, the Middle East situation, and the spot freight rate situation [6] 3. Summary by Related Catalogs SCFIS, NCFI, and Other Freight Rate Indexes - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2] - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period; the SCFI European line price was 1690 USD/TEU, up 10.24% from the previous period; the SCFI US - West route was 2188 USD/FEU, up 9.84% from the previous period [3] - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period; the NCFI European route was 1144.37 points, up 7.22% from the previous period; the NCFI US - West route was 1254.91 points, up 2.16% from the previous period [4] - On December 26, the China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period; the CCFI European route was 1473.90 points, up 0.2% from the previous period; the CCFI US - West route was 792.06 points, down 0.9% from the previous period [4] 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 of 53 and better than the expected value of 52.8 [5] - The eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [5] - 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 [5] - The US November S&P Global services PMI preliminary value was 55, with an expected value of 54.6 and a previous value of 54.8; the US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month [5] Futures Market - On December 30, the main contract 2602 closed at 1795.1, down 2.08% with a trading volume of 24,800 lots and an open interest of 27,900 lots, a decrease of 2582 lots from the previous day [6] - Due to strong pre - holiday wait - and - see sentiment and some long - position funds reducing their positions, the main contract oscillated downward [6] Investment Strategies - Short - term strategy: The main contract has reached a new high. It is recommended to take all profits and mainly wait and see in the short term, not to continue adding positions [7] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [7] - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [7] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [7] - The margin of the company for contracts 2508 - 2606 is adjusted to 28% [7] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7] Geopolitical Event - On December 28 (local time), the Israeli Defense Forces confirmed that last week, its delegation signed the 2026 tripartite military cooperation work plan with the military representatives of Greece and Cyprus in Cyprus, as well as bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The market is experiencing a strong long - sentiment. Amid the long - short game, the market is oscillating strongly. It is recommended to take a small - position trial long and focus on the pre - Spring Festival shipping market. The freight rates have no significant fluctuations [2]. - The tariff issue has a marginal effect. The current core is the trend of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [3]. - The market is in a long - short game. The SCFIS has a slight upward movement, indicating an optimistic attitude towards the February freight rate increase. The market is oscillating strongly. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [3]. 3. Summary by Related Content Freight Rate Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; the SCFIS for the US - West route was 960.51 points, up 1.2% from the previous period [2]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [2]. - On December 5, the Shanghai Export Container Freight Index (SCFI) announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI price for the European route was 1400 USD/TEU, down 0.28% from the previous period; the SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period [2]. - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [2]. PMI Data - Eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45); services PMI preliminary value was 51.2 (expected 51.5, previous 51.4); composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The October Sentix investor confidence index's previous value was - 9.2, forecast - 8.5 [2]. - In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, with the manufacturing prosperity level declining. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in the production and operation activities of Chinese enterprises [2]. - The preliminary value of the US October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2); manufacturing PMI preliminary value was 52.2 (expected 52); composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [3]. Contract Information - On December 9, the main contract 2602 closed at 1619.8, up 1.17%, with a trading volume of 19,000 lots and an open interest of 30,700 lots, a decrease of 753 lots from the previous day [3]. Strategy Recommendations - Short - term strategy: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - takers are recommended to take a light - position trial long on the main contract. When the market dives slightly, it is not recommended to add more positions or hold losing positions. Set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or take a light - position attempt [4]. - Long - term strategy: It is recommended to take profits when each contract reaches a high and wait for a pullback and stabilization before judging the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 - 2606 is 100 lots [4]. Geopolitical Situation - Israel plans to ensure the return of the remains of the last detained person, promote the second - stage ceasefire in Gaza, aiming for the disarmament of Hamas and the demilitarization of Gaza. Hamas is willing to discuss disarmament within the framework of establishing a Palestinian state, proposing a 5 - to 10 - year long - term ceasefire for negotiation. Hamas welcomes UN forces to monitor the ceasefire near the Gaza border but does not accept their authorization to act within Palestinian territories [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The tariff issue has shown a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [3]. - After the optimistic sentiment fades and the long - short game is fierce, the SCFIS rises slightly, and the prices fluctuate between gains and losses at the time of market settlement. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Freight Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; for the US West route, it was 960.51 points, up 1.2% from the previous period [2]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US West route was 881.66 points, down 7.77% from the previous period [2]. - On December 5, the Shanghai Export Container Freight Index (SCFI) announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI European line price was 1400 USD/TEU, down 0.28% from the previous period; the SCFI US West route was 1550 USD/FEU, down 5.02% from the previous period [2]. - On December 5, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US West route was 841.86 points, down 1.1% from the previous period [2]. 3.2 PMI and Investor Confidence Index - The preliminary value of the Eurozone's manufacturing PMI in October was 45.9 (expected 45.1, previous 45); the preliminary value of the service PMI was 51.2 (expected 51.5, previous 51.4); the preliminary value of the composite PMI was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index in October had a previous value of - 9.2 and a predicted value of - 8.5 [2]. - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [2]. - The preliminary value of the US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous 53.9) [3]. 3.3 Main Contract Information - On December 8, the main contract 2602 closed at 1615.3, with a gain of 0.07%, a trading volume of 19,300 lots, and an open interest of 31,500 lots, a decrease of 749 lots from the previous day [3]. 3.4 Trading Strategies - **Short - term strategy**: The main contract rebounds after a pull - back, and the fluctuation of the far - month contract slows down. Risk - takers are recommended to try a light position in the main contract. When the market dips slightly, it is not recommended to add more positions or hold losing positions. Set stop - losses [4]. - **Arbitrage strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try a light position [4]. - **Long - term strategy**: It is recommended to take profits when each contract reaches a high point, wait for a pull - back and stabilization, and then judge the subsequent direction [4]. 3.5 Contract Rules Adjustment - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4]. 3.6 Geopolitical Situation - On December 7, Israeli Prime Minister Netanyahu said that the first phase of the Gaza cease - fire agreement was basically completed. Israel will ensure the return of the remains of the last detainee, promote the cease - fire in Gaza to enter the second phase to achieve the disarmament of Hamas and the demilitarization of the Gaza Strip, and then promote the third phase of "deradicalizing" the Gaza Strip. Hamas member Basem Naim said that Hamas still adheres to the "right to resist" but is willing to discuss disarmament within the framework of promoting the establishment of a Palestinian state and proposes a long - term cease - fire of 5 to 10 years for negotiation. Naim also welcomes the deployment of UN troops near the Gaza border to monitor the cease - fire but does not accept the authorization of UN troops to operate or exercise power within Palestinian territory [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The market is experiencing a tug - of - war between bulls and bears, with the market fluctuating widely. It is recommended to take a small - position long position and focus on the pre - Spring Festival shipping market, but there is no significant fluctuation in freight rates. The tariff issue has a marginal effect, and the current focus is on the trend of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4] - The short - term strategy suggests that risk - takers can take a light - position long on the main contract. When the market dips slightly, it is not recommended to add positions or hold losing positions, and stop - losses should be set. The arbitrage strategy suggests waiting and seeing or taking a light - position attempt. The long - term strategy suggests taking profits when the contract price rises and waiting for a pullback to stabilize before judging the subsequent direction [5] Group 3: Summary by Related Catalogs Freight Index - On November 28 - December 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1483.65 points, down 9.5% from the previous period; the SCFIS for the US West route was 948.77 points, down 14.4% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US West route was 881.66 points, down 7.77% from the previous period [3] - The Shanghai Export Container Freight Index (SCFI) announced price was 1403.13 points, up 9.57 points from the previous period; the SCFI European line price was 1404 USD/TEU, up 2.71% from the previous period; the SCFI US West route was 1632 USD/FEU, down 0.79% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US West route was 841.86 points, down 1.1% from the previous period [3] Economic Data - In the Eurozone in October, the preliminary manufacturing PMI was 45.9 (expected 45.1, previous 45), the preliminary services PMI was 51.2 (expected 51.5, previous 51.4), the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6), and the Sentix Investor Confidence Index had a previous value of - 9.2 and a forecast of - 8.5 [3] - In China in October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month. In the US in October, the preliminary S&P Global services PMI was 55.2 (expected 53.5, previous 54.2), the preliminary manufacturing PMI was 52.2 (expected 52), and the preliminary composite PMI was 54.8 (expected 53.1, previous 53.9) [3][4] Contract Information - On December 3, the main contract 2602 closed at 1540.1, up 0.92%, with a trading volume of 22,300 lots and an open interest of 35,000 lots, a decrease of 1354 lots from the previous day [4] - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin of the company for contracts 2508 - 2606 was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [5] Geopolitical Information - On December 2 (local time), Iranian Parliament Speaker Gholam - Ali Haddad - Adel said that the US has no intention of truly negotiating with Iran or reaching a fair agreement, and Iran will resist any imposed will and unilateral pressure. He also criticized the International Atomic Energy Agency for its silence on US and Israeli attacks on Iranian nuclear facilities [8]