1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The actual implementation prices in the first half of November are gradually being revised downward, and attention should be paid to whether there will be price increase notices for the second half of November next week [7]. - For the October contract, the valuation is becoming clearer, but there are significant differences in the market regarding the final delivery settlement price due to factors such as vessel delays, the intersection of low - and high - priced vessels, and price opacity [6]. - For the December contract, trading focuses on the rhythm. Shipowners will adjust supply to keep freight rates high for next year's long - term agreement negotiations. The trading rhythm will involve alternating between price increase expectations and actual implementation until delivery [7]. - The February 2026 contract may have significant expectation differences but is currently suppressed by the expectation of resumed voyages [8]. 3. Summary by Directory 3.1 Market Analysis - **Online Quotes**: Different shipping alliances and companies have different price quotes and price increase notices. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam 45 - week quote is 1420/2370, and HPL has price increase notices for November [1]. - **Geopolitical Factor**: The US has agreed to postpone the opening of the Rafah Crossing until all Israeli detainees' remains are handed over. The crossing is an important channel for humanitarian aid to Gaza [2]. 3.2 Dynamic Supply - The average weekly container shipping capacity from China to European base ports in October is 32.41 million TEU, 29.39 million TEU in November, and 32.18 million TEU in December. There are 8 blank sailings and 3 TBNs in November and 5 TBNs in December [3]. 3.3 Counter - measures and Their Impact - China has taken counter - measures against the US USTR port surcharge, and the US will also impose port fees on Chinese - related vessels. However, the impact on the European route is relatively small as the number of US - flagged vessels is limited [4]. 3.4 Contract Analysis - **October Contract**: The delivery settlement price is the arithmetic average of SCFIS on October 13th, 20th, and 27th. The prices of some shipping alliances have been revised downward in the second half of October. There are large differences in the market regarding the final delivery settlement price [5][6]. - **December Contract**: It focuses on the trading rhythm. Shipowners will adjust supply to maintain high freight rates. The trading will alternate between price increase expectations and actual implementation [7]. - **February 2026 Contract**: It may have significant expectation differences but is currently suppressed by the expectation of resumed voyages. If the duration of price - holding contracts is extended and high prices are realized in January 2026, the February contract price may be higher than the December contract [8]. 3.5 Container Ship Delivery - 2025 is a major year for container ship deliveries. As of October 26, 2025, 215 container ships with a total capacity of 1.7618 million TEU have been delivered [9]. 3.6 Strategy - **Unilateral Strategy**: The December contract is expected to be strongly volatile. - **Arbitrage Strategy**: No arbitrage opportunities are currently available [10].