1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The current situation of the Container Shipping Index (European Line) is better than expected and relatively resistant to decline. The 2512 contract of the index is estimated to be in the range of 1600 - 1900 points, and there are potential long - buying opportunities for the 2602 contract, with a recommendation to enter the market through a 02 - 04 calendar spread [1][13]. 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The EC2512 contract closed at 1769.3 points, up 5.10% with an increase of 2333 in positions; the EC2510 contract closed at 1135.0 points, up 2.94%. The EC2602 contract closed at 1568.0 points, up 2.87% [1]. - **Freight Index**: The SCFIS European route index was 1140.38 points, with a weekly increase of 10.5%; the SCFIS US - West route index was 863.46 points, with a weekly increase of 0.1%. The SCFI European route index was $1145/TEU, with a bi - weekly increase of 7.2%; the SCFI US - West route index was $1936/FEU, with a bi - weekly increase of 31.9% [1]. - **Spot Freight**: For the Shanghai - Rotterdam route, Maersk's 45 - week opening price was $2350/40'GP and $1410/20'GP, showing an increase compared to the 46 - week price [1]. - **Exchange Rate**: The US dollar index was 98.94, and the US dollar against the offshore RMB was 7.12 [1]. 3.2 Shipping Capacity - **Weekly and Monthly Average Shipping Capacity**: In 2025, the weekly shipping capacity from China to European basic ports showed fluctuations. The weekly average shipping capacity in November was around 30.1 million TEU/week (excluding 1 pending voyage), a month - on - month increase of 16.5% and a year - on - year increase of 6.4%. The weekly average shipping capacity in December rose to 30.7 million TEU/week (excluding 4 pending voyages) [12]. - **Voyage Status**: In October, there were 17 blank sailings; in November, there was 1 pending voyage and 8 blank sailings; in December, there were 4 pending voyages and 2 blank sailings [7]. 3.3 Macroeconomic News - **European - Ukrainian Peace Plan**: European countries are working with Ukraine to develop a 12 - point proposal to end the war with Russia along the existing front lines. The implementation will be supervised by a "peace committee" led by Trump [9]. - **Gaza Cease - fire**: US Vice - President Vance is optimistic about the Gaza cease - fire agreement, and US Secretary of State Rubio plans to visit Israel to promote the implementation of the agreement [9][10]. 3.4 Contract Analysis - **2512 Contract**: Due to the seasonal characteristics of the European line and the potential impact of ship - schedule delays, the valuation of the 2512 contract is adjusted to the range of 1600 - 1900 points [13]. - **2602 Contract**: Considering the later Spring Festival in 2026 and the possible ship - sailing arrangements of shipping companies, there are long - buying opportunities for the 2602 contract, and it is recommended to enter the market through a 02 - 04 calendar spread [13]. 3.5 Trend Intensity - The trend intensity of the Container Shipping Index (European Line) is 1, indicating a relatively neutral trend [14].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The loading rate of the European route fleet has slightly rebounded. The supply pressure in the middle of October has eased, and the possibility of freight rates stabilizing has increased. The congestion at Chinese ports has slightly improved, while the congestion at European ports may improve, and the congestion at Southeast Asian ports fluctuates [7][11][35] Group 3: Summary by Related Catalogs 1. European Route Loading Rate Tracking - W37 European route fleet average loading rate from Chinese ports was 90.4%, up 0.8% from the previous period. W36 Asian departure loading rate was 96.4%, unchanged from the previous period. The loading difference between Asia and China was about 6.8%. Different alliances had different loading rate changes [7] 2. European Route Ship Schedule and Capacity - The average weekly capacity in October was 26.7 million TEU, basically the same as last year. The supply pressure in the middle of the month eased, and the possibility of freight rates stabilizing increased. There were new blank sailings and cancelled extra sailings [11] 3. Ship Schedule Delays and Spot Overview - W38 had 3 delayed sailings. The SCFIS (European route) index fell 12.9%. The actual departure capacity from Shanghai Port was 31.0 million TEU, with 14% from delayed sailings in W36 [15] 4. Ship Schedule Delay Observation and Early Warning - There were many delayed sailings in different weeks and alliances, and early warnings were issued for some routes in different weeks [17][20][22][27][31] 5. Related Port Congestion Data - Chinese ports' congestion improved slightly, but may be affected by typhoons. Southeast Asian ports' congestion fluctuated. European ports' congestion may improve, but German ports' pressure continued [35]