行业 集运指数日报 日期 2025 年 12 月 31 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货12月30日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2602 | 1,833.3 | 1,835.0 | 1,795.1 | 1,792.0 | -38.2 | ...

2025年12月30日 集运日报 (航运研究/组) SCFIS大幅上行,或因节前对资金态度,盘面冲高回落,已建议落袋后短期建议观望为主。 SCFIS、NCFI运价指数 12月29日 上海出口集装箱结算运价指数SCFIS (欧洲航线) 1742.64点, 较上期上涨9.7% 上海出口集装箱结算运价指数SCFIS (美西航线) 1301.41点, 较上期上涨35.3% 12月26日 上海出口集装箱运价指数SCFl公布价格1656.32点,较上期上涨103.4点 上海出口集装箱运价指数SCFI欧线价格1690USD/TEU,较上期上涨10.24% 上海出口集装箱运价指数SCFI美西航线2188USD/FEU,较上期上涨9.84% 12月26日 | 宁波出口集装箱运价指数NCFI (综合指数) 1094.77点, 较上期上涨7.24% | | --- | | 宁波出口集装箱运价指数NCFI (欧洲航线) 1144.37点, 较上期上涨7.22% | | 宁波出口集装箱运价指数NCFI (美西航线) 1254.91点, 较上期上涨2.16% | | 12月26日 | | 中国出口集装箱运价指数CCFI（综合指数）112 ...

瑞达期货研究院 「2025.12.26」 集运指数（欧线）期货周报 关 注 我 们 获 取 更 多 资 讯 作者：廖宏斌 期货投资咨询证号： Z0020723 联系电话：0595-86778969 业务咨询 添加客服 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 本周集运指数（欧线）期货价格小幅上涨，主力合约EC2602收涨6.03%，远月合约收涨1-2%不等，涨跌幅度较小。 最新SCFIS欧线结算运价指数为1589.20，较上周回升78.64点，环比上行5.2%。12月19日，最新一期SCFI再度上扬， 实现连续第二周反弹，周涨46.46点至1552.92点，涨幅3.08%，叠加近期船司基本实现满载，带动期价向好。11月份 中国的制造业PMI数据小幅回暖，总体符合季节性规律，新出口订单指数回升至47.9，反映终端运输需求在圣诞节前 有所回暖。现货运价方面，52周报价均值大柜2450美金，船司基本实现满载，部分航次爆舱。当前仅MSC和MSK公布了 1月较为可行的现货报价，需持续跟进其余船司宣涨进度。地缘端，泽连斯基表示，代表团将向其提交谈判细节，双 方已完成20点"和 ...

策略:逢高小仓位试空02合约。 投资咨询业务资格：证监许可【2012】31号 II GER期货 航运衍生品数据日报 | | | | 卢钊毅 | 国贸期货研究院 能源化工研究中心 | 从业资格号:F03101843 | 投资咨询号: Z0021177 | 2025/12/18 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | | | | | | | | E | | 1506 | 1118 | 1780 | 924 | 2652 | 1538 | | CALL | 前值 | 1398 | 1115 | 1550 | 960 | 2315 | 1400 | | 运 | 涨跌幅 | 7.79% | 0.29% | 14.84% | -3.75% | 14.56% | 9.86% | | 指 ...

集运早报 相关新闻 12/13 MSC发布1月份涨价函，欧线20/40英尺售装箱运费分别提涨至2220/3700美金 | | | | | | | 研究中心能化团队 | | | 2025/12/15 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ਉਨ੍ਹੇ | | 昨日收盘价 | 涨跌 | 基差 | 昨日成交昼 | | 昨日持仓昼 | 持仓变动 | | 期货 | EC2512 | | 1650.0 | -0.19% | -140.9 | 245 | | 2947 | -84 | | | EC2602 | | 1677.8 | -0.66% | -168.7 | 27001 | | 31664 | 41 | | | EC2604 | | 1106.0 | 1.22% | 403.1 | 10155 | | 19930 | ୧୮.3 | | | EC2606 | | 1260.8 | 2.71-5% | 248.3 | 790 | | 2355 | 59 | | | EC2608 | | 1431.7 | 3.61% | 77 ...

| 2025年12月12日 集运日报 | ( ( ) = CH = 12 ) | | --- | --- | | 现货运价企稳,盘面宽幅震荡,符合日报预期,关注春节前出货行情,运价并无明显波动。 | | | SCFIS、NCFI运价指数 | | | 12月5日 | | | 上海出口集装箱结算运价指数SCFIS(欧洲航线) 1509.10点,较上期上涨1.7% | 宁波出口集装箱运价指数NCFI(综合指数) 972.63点, 较上期上涨2.77% | | 上海出口集装箱结算运价指数SCFIS (美西航线) 960.51点, 较上期上涨1.2% | 宁波出口集装箱运价指数NCFI (欧洲航线) 1024.64点,较上期上涨7.67% | | 12月5日 | 12月5日 | | 上海出口集装箱运价指数SCFl公布价格1397.63 点, 较上期下跌5.5点 | 中国出口集装箱运价指数CCFI(综合指数) 1121.80点,较上期下跌0.1% | | 上海出口集装箱运价指数SCFl欧线价格1400USD/TEU,较上期下跌0.28% | 中国出口集装箱运价指数CCFI(欧洲航线) 1449.34点,较上期上涨1.1% ...

主力合约收付全部跌幅，建议全部止盈，符合日报预期，关注春节前出货行情，运价并无明显波动。 SCFIS、NCFI运价指数 2025年12月11日 賃运日报 (航运研究小组) | 12月8日 | 12月5日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1509.10点，较上期上涨1.7% | 宁波出口集装箱运价指数NCFI（综合指数）972.63点，较上期上涨2.77% | | 上海出口集装箱结算运价指数SCFIS（美西航线）960.51点，较上期上涨1.2% | 宁波出口集装箱运价指数NCFI（欧洲航线）1024.64点，较上期上涨7.67% | | 12月5日 | 宁波出口集装箱运价指数NCFI（美西航线）881.66点，较上期下跌7.77% | | 上海出口集装箱运价指数SCFI公布价格1397.63 点，较上期下跌5.5点 | 12月5日 | | 上海出口集装箱运价指数SCFI欧线价格1400USD/TEU, 较上期下跌0.28% | 中国出口集装箱运价指数CCFI（综合指数）1121.80点，较上期下跌0.1% | | 上海出口集装箱运价指数SCFI美西航线155 ...

2025年12月3日 集运日报 (航运研究小组) 回撤或已到位, 主力合约连续反弹, 已建议轻仓试多, 关注春节前出货行情, 运价并无明显波动。 中美关税问题仍以延期的形式作为短期的解决方案，运价走势的逻辑 还是回归传统季节性和红海何时复航的问题上，目前现货价格小幅下 降。综上述，我们认为，关税问题已经呈现边际化效应，目前核心还 是现货运价的走向，主力合约已经出现季节性反弹，建议轻仓参与或 欢迎。 | SCFIS、NCFI运价指数 | | | --- | --- | | 12月1日 | 11月28日 | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1483.65点，较上期下跌9.5% | 宁波出口集装箱运价指数NCFI（综合指数）972.63点，较上期上涨2.77% | | 上海出口集装箱结算运价指数SCFIS（美西航线）948.77点，较上期下跌14.4% | 宁波出口集装箱运价指数NCFI（欧洲航线）1024.64点，较上期上涨7.67% 宁波出口集装箱运价指数NCFI（美西航线）881.66点，较上期下跌7.77% | | 11月28日 | 11月28日 | | 上海出口集装箱运价指数SCFI公 ...

2025年12月2日 集运日报 (航运研究小组) 悲观情绪修复, SCFI上行带动盘面上行,建议观望为主,运价并无明显波动。 | SCFIS、NCFI运价指数 | | | --- | --- | | 12月1日 | 11月28日 | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1483.65点，较上期下跌9.5% | 宁波出口集装箱运价指数NCFI (综合指数) 972.63点, 较上期上涨2.77% | | 上海出口集装箱结算运价指数SCFIS (美西航线) 948.77点, 较上期下跌14.4% | 宁波出口集装箱运价指数NCFI (欧洲航线) 1024.64点, 较上期上涨7.67% | | 11月28日 | 宁波出口集装箱运价指数NCFI (美西航线) 881.66点, 较上期下跌7.77% 11月28日 | | 上海出口集装箱运价指数SCFl公布价格1403.13点,较上期上涨9.57点 | 中国出口集装箱运价指数CCFI(综合指数) 1121.80点,较上期下跌0.1% | | 上海出口集装箱运价指数SCFl欧线价格1404USD/TEU,较上期上涨2.71% 上海出口集装箱运价指数SCF ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Pessimistic sentiment has been digested, and short - sellers have taken profit and left the market. The main contract has risen significantly. It is recommended to wait and see as the freight rate has no obvious fluctuations [1]. - The tariff issue has a marginal effect. The current core is the direction of the spot freight rate. The main contract has shown a seasonal rebound, so it is recommended to participate with a light position or wait and see [2]. - After the rapid recovery of the market, attention should be paid to tariff policies, the Middle - East situation, and the spot freight rate [3]. 3. Summary by Related Content Freight Index - On November 28th, compared with November 24th: The NCFI (composite index) was 972.63 points, up 2.77%; the SCFIS (European route) was 1639.37 points, up 20.7%; the NCFI (European route) was 1024.64 points, up 7.67%; the SCFIS (US West route) was 1107.85 points, down 10.5%; the NCFI (US West route) was 881.66 points, down 7.77% [1]. - On November 28th: The SCFI announced price was 1403.13 points, up 9.57 points; the CCFI (composite index) was 1121.80 points, down 0.1%; the SCFI European route price was 1404 USD/TEU, up 2.71%; the CCFI (European route) was 1449.34 points, up 1.1%; the SCFI US West route was 1632 USD/FEU, down 0.79%; the CCFI (US West route) was 841.86 points, down 1.1% [1]. Economic Data of Different Regions - Eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45); services PMI preliminary value was 51.2 (expected 51.5, previous value 51.4); composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6); Sentix investor confidence index's previous value was -9.2, forecast value was -8.5 [2]. - In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [2]. - US October S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous value 54.2); manufacturing PMI preliminary value was 52.2 (expected 52); composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [2]. Main Contract Data - On November 28th, the main contract 2602 closed at 1471.9, with a gain of 6.74%, a trading volume of 41,500 lots, and an open interest of 40,100 lots, a decrease of 1089 lots from the previous day [3]. Strategy Recommendations - Short - term strategy: For risk - takers, it is recommended to take a light - position long in the EC2602 contract in the range of 1550 - 1600. If the market drops sharply, do not add positions and do not hold on to losing positions. Set a stop - loss [4]. - Arbitrage strategy: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or take a light - position attempt [4]. - Long - term strategy: It is recommended to take profit when each contract rises, and then wait for the callback to stabilize before judging the subsequent direction [4]. Contract Rules Adjustments - The daily limit and daily floor for contracts 2508 - 2606 are adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The intraday opening limit for all contracts from 2508 - 2606 is 100 lots [4]. Western Land - Sea New Corridor - As of November 29th, the Western Land - Sea New Corridor trains have cumulatively sent more than 5 million TEUs of containerized goods since 2017, reaching 5.003 million TEUs. This year alone, the volume has exceeded 1.3 million TEUs, reaching 1.308 million TEUs, a year - on - year increase of 55.3% [5].