Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For the EC2602 contract, the future price depends on the spot market. With high运力 and good demand, it's difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. At the current position, it's not recommended to enter the market [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The recommended strategy is to short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of expected route resumption and off - season, the strategy for the EC2610 contract is to short on rallies [3]. 3. Summary by Directory Futures Contract Data - **Contract Prices and Changes**: The EC2602 contract closed at 1795.1, down 1.53%; EC2604 at 1160.2, down 0.83%; EC2606 at 1370.0, down 0.29%; EC2608 at 1500.1, up 0.16%; EC2610 at 1056.0, up 0.12% [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 2582; EC2604 increased by 44; EC2606 decreased by 1249; EC2608 decreased by 10; EC2610 increased by 72 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 decreased by 18.1 compared to the previous day and 70.1 compared to the previous week; the spread of EC2504 - 2606 decreased by 5.7 compared to the previous day and 56.6 compared to the previous week [2]. Spot Market Data - **Spot Indexes**: The SCEIS SCFI (European Line) increased by 9.66% on December 29, 2025, and 10.24% on December 26, 2025; the CCFI increased by 3.06% on December 26, 2025; the NCFI increased by 7.22% on December 26, 2025 [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 US dollars, equivalent to about 1950 points on the futures market; in Week 2, MSK kept the price at 2500 US dollars, with the price at Hamburg Port increasing by 100 to 2600 US dollars; in Week 3, MSK's opening price increased by 100 to 2600 US dollars [4]. Related News - On December 31, Iran's Foreign Minister stated that Iran will not give up peaceful nuclear technology and can reach a fair agreement through serious negotiations with the condition of lifting sanctions; Israel's Prime Minister claimed that Iran is resuming ballistic missile production [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, future performance depends on spot trends. It's hard to predict the peak height and timing of January freight rates and subsequent price - drop rhythms, so entry at the current level is not recommended [3]. - The EC2604 contract has a moderately high valuation, but there is short - term upward risk. The strategy is mainly to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Given the long - term logic of resumption of shipping and the off - season, the strategy for the EC2610 contract is to go short on rallies [3]. 3. Summary by Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 (- 0.09%); EC2604 at 1169.9 (+ 1.31%); EC2606 at 1374.0 (+ 4.39%); EC2608 at 1497.7 (+ 0.78%); EC2610 at 1054.7 (+ 0.51%) [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 spread was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2]. Spot Market - **Indices and Changes**: The SCFIS (European Line) index on 2025/12/29 was 1742.64, up 9.66% from the previous period; the SCH (European Line) spot price on 2025/12/26 was 1690 dollars/TEU, up 10.24%; the CCFI was 1519.06, up 3.06%; the NCFI was 1144.37, up 7.22% [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 dollars, equivalent to about 1950 points on the futures market. In Week 2, MSK kept the price at 2500 dollars, with the price at Hamburg Port rising to 2600 dollars [4]. Geopolitical News - On 12/30, Trump said he and Netanyahu reached an agreement on most matters, and they discussed Hamas disarmament and the second - phase plan for Gaza [4]. - On 12/29, Hamas claimed that Israel did not fulfill the cease - fire agreement and called on the US to pressure Israel [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The market remains divided on the freight rate trend in January 2026, with the EC futures market maintaining a volatile trend. The subsequent focus is on the price adjustment rhythm of shipping companies and the time when the high point appears [5][8]. - The demand for shipping is expected to gradually improve from December 2025 to January 2026. The shipping capacity in December decreased, and there was little change in January and February 2026 compared to the previous period. Maersk has announced an empty - sailing plan for the Spring Festival in 2026 [5]. - The second - stage of the Israel - Palestine peace talks has started but is still tortuous. The phased resumption of shipping through the Suez Canal is expected to increase, which may suppress the far - month contracts [5]. - For trading strategies, most of the long positions in the EC2602 contract should be taken profit at high prices, and the remaining positions should be held lightly. The far - month contracts are expected to be suppressed by the resumption of shipping expectations. It is recommended to wait and see for arbitrage [5][61]. 3. Summary by Directory 3.1 Chapter One: Comprehensive Analysis and Trading Strategy - **Freight Rate Performance**: On December 26, 2025, the SCFI European line reported $1690/TEU, a week - on - week increase of 10.24%. On December 22, the SCFIS European line reported 1589.2 points, a week - on - week increase of 5.2% [5][11][18]. - **Supply - Demand Analysis**: In terms of spot freight rates, most ports of Maersk reported $2600/HC in the second week of 2026, mainly continuing the previous week's prices. Other shipping companies such as OOCL, COSCO, CMA, etc., also have different price adjustments. From the fundamental perspective, the shipping demand from December 2025 to January 2026 is expected to improve. The weekly average shipping capacity from Shanghai to the five Nordic ports in December 2025 was 273,700 TEU, and the weekly average shipping capacity in January/February 2026 was 299,600/281,200 TEU. Maersk has announced an empty - sailing plan for the Spring Festival in 2026 and will increase the PSS to $400/800 from January 5 [5]. - **Trading Strategy**: Most of the long positions in the EC2602 contract should be taken profit at high prices, and the remaining positions should be held lightly. Wait and see for arbitrage. The far - month contracts are expected to be suppressed by the resumption of shipping expectations [5][61]. 3.2 Chapter Two: Core Logic Analysis - **Market Volatility**: The market continued to debate the high point of the freight rate in January 2026 and the future trend this week, with the EC market maintaining a volatile trend. At the beginning of the week, the market was affected by the pre - holiday shipping rush and the news of some shipping companies being fully booked, and the expectation of a price increase in January was fully factored in. Then, as some mainstream shipping companies released their January freight rates, which were generally lower than market expectations, the EC market maintained a volatile trend [8]. - **Spot Freight Rates**: The latest SCFI European line on December 26 reported $1690/TEU, a week - on - week increase of 10.24%, which reflected the previous price increase expectations of shipping companies. The spot freight rates are still at a high level, and attention should be paid to whether there will be further price increases in the second half of January. On December 22, the SCFIS European line reported 1589.2 points, a week - on - week increase of 5.2%, but it was significantly lower than market expectations, possibly due to the inclusion of some low - priced offline goods in the index [11][14][18]. - **Supply - Side Analysis**: On December 26, the deployed shipping capacity on the European line (including the Mediterranean) was 526,200 TEU, a slight decrease from the previous week. The shipping capacity in December decreased, and there was little change in January and February 2026 compared to the previous period. Attention should be paid to the shipping companies' Spring Festival empty - sailing plans and ship allocation [24][29][31]. - **Demand - Side Analysis**: - China's foreign trade maintained stable growth in November 2025. Despite the continuous pressure of US tariff policies, China showed strong resilience through diversified market development. The total export volume of goods reached $330.35 billion, a year - on - year increase of 5.9%. In terms of export categories, electromechanical products led the growth, while labor - intensive products showed a differentiated performance [36]. - In October 2025, the container shipping volume from Asia to Europe was 1.481 million TEU, a year - on - year decrease of 2.9%, and the growth rate dropped significantly compared to September. The shipping volume from Asia to North America was 1.872 million TEU, a year - on - year decrease of 8%. The shipping volume from Asia to the world was 9.967 million TEU, a year - on - year increase of 1.5%, and the global container shipping volume was 16.256 million TEU, a year - on - year increase of 2.1% [43]. - In December 2025, the European economy showed resilience but with significantly weakened growth momentum. The manufacturing industry continued to be weak, while the service industry still maintained expansion. The economic performances of Germany and France deviated in December [48]. - **Turnaround and Geopolitical Risks**: As of December 26, 2025, the number of container ships diverting on the European and Mediterranean routes decreased slightly. Some shipping companies started trial re - navigation through the Red Sea. The second - stage of the Israel - Palestine peace talks has started but is still tortuous, and the situation remains tense [49][55]. 3.3 Chapter Three: Weekly Data Tracking - **Freight Rate Data**: Includes the historical data of the SCFI comprehensive index, SCFI Shanghai - US West, Shanghai - US East, Shanghai - Europe, Shanghai - Melbourne, Shanghai - South America, Shanghai - Mediterranean, and Shanghai - Southeast Asia routes [65][68]. - **Throughput Data**: The weekly container throughput data of Chinese ports as of the week ending December 21, 2025 [72].

Group 1: Core Insights - The report highlights a positive outlook for the tanker and bulk shipping sectors in 2026, with a relatively favorable supply-demand balance for medium and large vessels, indicating potential for significant seasonal elasticity [1] - The shipping sector has shown relative outperformance against the transportation index, although it remains weaker than the CSI 300 index, with the shipping index rising by 8.8% year-to-date compared to a 16.1% increase in the CSI 300 [5][11] - The report emphasizes the impact of geopolitical factors and tariff policies on shipping performance, noting significant fluctuations in freight rates due to trade tensions, particularly between the US and China [11] Group 2: Container Shipping - In 2025, container shipping faced notable impacts from tariff policies, leading to a significant drop in cargo volumes on US-China routes, with a temporary surge in freight rates due to a "rush to ship" phenomenon [21] - The demand for container shipping remains resilient, with a year-on-year export growth of 5.4% in China for the first eleven months of 2025, despite challenges from tariff adjustments [25][30] - Supply forecasts indicate a steady increase in container fleet capacity, with expected growth rates of 4.7% and 6.4% for 2026 and 2027, respectively, while the demand growth is projected at 2.4% and 3.0% for the same years [49][55] Group 3: Oil Shipping - The oil shipping sector is expected to maintain a favorable supply-demand balance in 2026, driven by multiple positive factors, including increased production from the Middle East and rising demand for oil imports from Asia [60] - The report notes a significant increase in global oil exports starting from September 2025, with major oil-producing countries ramping up their output, contributing to a supply-demand imbalance that supports rising freight rates [63] - VLCC (Very Large Crude Carrier) rates have shown a substantial increase, with rates reaching $110,000 per day by December 2025, reflecting the strong demand and supply constraints in the oil shipping market [60][61] Group 4: Dry Bulk Shipping - The dry bulk shipping market is experiencing a recovery in the second half of 2025, with increased demand for iron ore and grain transportation, leading to a positive outlook for 2026 [60] - The report forecasts a growth rate of 0.9% and 0.7% for dry bulk shipping volumes in 2026 and 2027, respectively, driven by the demand for iron ore and grain [60] - Supply constraints are anticipated, particularly for Capesize vessels, with limited growth expected in their capacity, which may support freight rate increases in the upcoming years [60][55]

Group 1: Report Core View - The price of EC2602 mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - drop rhythm. At the current level, it's not recommended to enter the market [1] - The valuation of EC2604 is moderately high. In the short - term, it may follow the spot market or recover the basis. The strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Pay attention to shorting opportunities in the EC2610 contract [2] Group 2: Futures Market Data Futures Contract Prices and Changes - EC2512 closed at 1608.0 with a change of 0.13% and a decrease of 18.8, trading volume of 112 and open interest of 1714 (a decrease of 76) [1] - EC2602 closed at 1799.7 with a change of 0.22% and a decrease of 210.5, trading volume of 28762 and open interest of 34250 (a decrease of 66) [1] - EC2604 closed at 1164.5 with a change of - 0.04% and an increase of 424.7, trading volume of 6267 and open interest of 21254 (an increase of 264) [1] - EC2606 closed at 1320.0 with a change of 0.08% and an increase of 269.2, trading volume of 258 and open interest of 2126 (a decrease of 19) [1] - EC2608 closed at 1496.7 with a change of 1.06% and an increase of 92.5, trading volume of 112 and open interest of 1181 (a decrease of 12) [1] - EC2610 closed at 1059.0 with a change of 0.75% and an increase of 277, trading volume of 811 [1] Futures Spread Data - The spread between EC2512 and EC2504 was 443.5, with a daily - on - daily change of - 123.9, weekly - on - weekly change of - 191.7 and monthly - on - monthly change of - 1.8 [1] - The spread between EC2512 and EC2602 was - 189.9, with a daily - on - daily change of 4.4, weekly - on - weekly change of 59.5 [1] - The spread between EC2502 and EC2604 was 630.8, with a daily - on - daily change of - 17.8, weekly - on - weekly change of - 13.4 [1] Group 3: Spot Market Data European Line Spot Market - In Week 52, Maersk (MSK) opened at 2300 (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51 rates. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market [3] - All shipping companies are raising the price of January cabins. Maersk's January upper - half price is 2500, and it will rise to 2600 in Week 2 to Hamburg, while prices for other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 US dollars [3] Shipping Index Data - The SCFIS (European Line) index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from two periods ago, updated weekly [1] - On December 19, 2025, the SCFI (European Line) was 1533, up 0.23% from the previous period and 9.86% from two periods ago, updated weekly [6] - On December 19, 2025, the CCFI was 1473.9, up 0.30% from the previous period and 9.98% from two periods ago, updated weekly [6] - On December 19, 2025, the NCFI was 967.55, down from 1067.29 in the previous period, updated weekly [6]

Core Viewpoint - Antong Holdings indicated that the fourth-quarter freight rates are influenced by multiple factors including supply capacity, seasonal demand changes, economic environment, and policies [1] Group 1: Freight Rate Influences - The company's freight rates are affected by supply capacity, seasonal demand fluctuations, economic conditions, and policy changes [1] - In addition to freight rates, the company's profits are impacted by operational efficiency, billing container volume, operating costs, and other business factors [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Pre - holiday shipments drove a small increase in freight rates, and the futures market fluctuated upward, in line with the daily report's expectations. All positions were advised to take profits. The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound, and it's 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 rate conditions [1][3] 3. Summary by Related Information - **Freight Rate Indexes**: - On December 15, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1510.56 points, up 0.1% from the previous period; the SCFIS for the US - West route was 924.36 points, down 3.8% from the previous period. - On December 12, the Ningbo Export Container Freight Index (NCFI) composite index was 1060.86 points, up 10.23% from the previous period; the NCFI for the European route was 1064.13 points, up 9.98% from the previous period; the NCFI for the US - West route was 1029.8 points, up 17.28% from the previous period. - On December 12, the Shanghai Export Container Freight Index (SCFI) was 1506.461 points, up 108.83 points from the previous period; the SCFI European route price was 1538 USD/TEU, up 9.86% from the previous period; the SCFI US - West route was 1780 USD/FEU, up 14.84% from the previous period. - On December 12, the China Export Container Freight Index (CCFI) composite index was 1118.07 points, up 0.3% from the previous period; the CCFI for the European route was 1470.55 points, up 1.6% from the previous period; the CCFI for the US - West route was 798.95 points, down 2.3% from the previous period [2] - **Economic Data**: - The euro - zone'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 the expected value of 52.8, achieving the best monthly performance in a year and a half. The euro - zone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous value of - 7.4. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the comprehensive PMI output index was 49.7, down 0.3 percentage points from the previous month, dropping below the boom - bust line for the first time since 2023. - The US November S&P Global services PMI preliminary value was 55, higher than the expected 54.6 and the previous value of 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, higher than the expected 54.6 and the previous value of 54.6 [2][3] - **Market Conditions of the Main Contract**: On December 15, the main contract 2602 closed at 1746.0, with a gain of 3.30%, a trading volume of 28,300 lots, and an open interest of 33,100 lots, an increase of 1401 lots from the previous day [3] - **Trading Strategies**: - Short - term strategy: The main contract rebounded after a pull - back, and the fluctuation of far - month contracts slowed down. Risk - takers were advised to take a light - position long on the main contract. All positions were advised to take profits, no additional positions were recommended, and no holding of losing positions was advised. Stop - losses should be set. - Arbitrage strategy: Against the backdrop of international situation turmoil, each contract still followed the seasonal logic with large fluctuations. It's recommended to wait and see or try with a light position. - Long - term strategy: All contracts were advised to take profits when reaching high levels, wait for a pull - back and stabilization, and then judge the subsequent direction. - The daily price limit for contracts 2508 - 2606 was adjusted to 18%. The margin of the company for contracts 2508 - 2606 was adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 was 100 lots [4] - **Geopolitical Event**: On December 14, the Qassam Brigades, an armed wing of Hamas, confirmed that its military manufacturing department head, Rad Said Saad, was killed in an Israeli attack, which was said to have violated the cease - fire agreement [5]

Group 1: Inland Transportation - The overall price of inland grain shipping remains stable, with slight weakness in some routes; however, the capacity of river vessels continues to be tight, leading to an increase in grain shipping prices [1] - The sentiment of grain holders is gradually easing, with traders showing a stronger willingness to sell, which has supplemented the market's wheat circulation; the listing of autumn grain is accelerating, providing stable sources of supply [1] - Factors such as upstream drought and restricted passage through ship locks have exacerbated the short-term supply-demand tension, pushing prices up, with prices for shipping to Chongqing increasing by approximately 10 yuan/ton this week [1] Group 2: Coastal Transportation - The coastal grain transportation market is experiencing a high-level correction, with slight declines in freight rates on major routes from the Suwan region to southern coastal areas; for instance, the freight rate from Anning Port to Guangdong for 5000-ton vessels is around 78-83 yuan/ton, down about 2 yuan/ton from last week [3] - The correction is driven by improved port efficiency in northern ports, as previously constrained shipping capacity is gradually being released; additionally, the flow of southern wheat has not significantly increased, leading to cautious purchasing by downstream flour enterprises [3] - Despite current freight rates being relatively high compared to previous years, the market shows signs of fatigue due to a lack of demand growth and marginal improvements in supply capacity [3] Group 3: Market Outlook - The increase in wheat circulation and the ongoing peak season for autumn grain is expected to keep inland shipping rates stable; however, structural bottlenecks in shipping capacity due to drought and congestion in the Yangtze River are likely to support river shipping rates in the short term [2] - As the pressure on northern ports eases, available shipping capacity is expected to return to southern routes, leading to a more relaxed supply-demand balance; if demand from the south remains weak, there is potential for further declines in freight rates [4]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 12 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are benchmarked against the second - half of December cabin space, and the prices are expected to be stable with a slight increase. The 02 contract has a neutral valuation, follows the spot price in the short - term, and there are expectations for the peak season. Despite high capacity, the spot price in January is not expected to be overly pessimistic due to the late Spring Festival, strong cargo volume on the European line this year, and the price cut in December benefiting the price increase in January. If the peak season is gradually realized, the 02 contract may have more upside potential. The 04 contract is still recommended to be shorted on rallies [3] Group 3: Summary by Relevant Catalogs Futures Market - EC2512 closed at 1636.7 yesterday, up 0.34%, with a basis of - 153.1, a trading volume of 705, an open interest of 4286, and an open interest change of - 215. EC2602 closed at 1492.5, up 1.40% (0.54% might be a misprint), with a basis of - 8.8, a trading volume of 26585, an open interest of 38244, and an open interest change of - 1867 (- 129 might be a misprint). EC2604 closed at 1078.0, with a basis of 405.7, a trading volume of 4192, and an open interest of 18614. EC2606 closed at 1237.0, up 1.79%, with a basis of 246.7, a trading volume of 278, an open interest of 2170, and an open interest change of - 84. EC2608 closed at 1357.2, up 1.36%, with a basis of 126.5, a trading volume of 102, an open interest of 1622, and an open interest change of - 8. EC2610 closed at 1033.2, up 1.19%, with a basis of 450.5, a trading volume of 441, an open interest of 3888, and an open interest change of - 86 [2] - For the month - spread, EC2512 - 2504 was 558.7, down 0.2 from the previous day and down 82.0 week - on - week. EC2512 - 2602 was 144.2, down 15.0 from the previous day and down 7.6 week - on - week. EC2502 - 2604 was 414.5, up 14.8 from the previous day and down 8.4 week - on - week [2] Spot Market - The SCFI (European line) index on December 1, 2025, was 1483.65 points, down 9.50% from the previous period, with a price of 1404 dollars/TEU. The CCFI index on November 28, 2025, was 1449.34 points, up 1.14% from the previous period. The NCFI index on November 28, 2025, was 1024.64 points, up 7.67% from the previous period [2] Recent European Line Spot Situation - The price increase in the first half of December failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the disk. YML cut the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased the price by 200 to 2600 dollars. In the second half of December, MSC announced a price increase to 3500 dollars, and ONE increased the price to 2800 dollars. Shipping companies are expected to announce price increases for January cabin space in early December [4] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the agreement. On November 29, the Lebanese Hezbollah said it would retaliate against Israel for the attack on a senior commander [5]

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - Spot prices have peaked in the short term, and the futures market has declined continuously. It is recommended to try to add positions when the futures price pulls back to a certain range, and pay attention to the freight rate support logic in December [1] - The tariff issue has a marginal effect, and the current core is the direction 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 [3] - The market is in a fierce long - short game, the spot freight rate has stabilized, there is no obvious bullish information, and the futures market continues to fluctuate weakly. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] Group 3: Summary Based on Related Content Freight Rate Index - On November 17, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1357.67 points, down 9.8% from the previous period; the SCFIS for the US West route was 1238.42 points, down 6.9% from the previous period. The Shanghai Export Container Freight Index (SCFI) announced a price of 1393.56 points, down 57.82 points from the previous period. The SCFI European route price was 1367 USD/TEU, down 3.53% from the previous period; the SCFI US West route was 1645 USD/FEU, down 9.76% from the previous period [2] - On November 21, the Ningbo Export Container Freight Index (NCFI) (composite index) was 946.44 points, down 5.33% from the previous period; the NCFI (European route) was 951.65 points, down 2.83% from the previous period; the NCFI (US West route) was 955.93 points, down 9.17% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1122.79 points, up 2.6% from the previous period; the CCFI (European route) was 1432.96 points, up 2.1% from the previous period; the CCFI (US West route) was 850.96 points, up 0.6% from the previous period [2] Economic Data - In October, the Eurozone's manufacturing PMI preliminary value was 45.9, the service industry PMI preliminary value was 51.2, and the composite PMI preliminary value was 49.7. The Sentix investor confidence index's previous value was - 9.2, and the predicted value was - 8.5 [2] - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3] - In October, the US S&P Global service industry PMI preliminary value was 55.2, the manufacturing PMI preliminary value was 52.2, and the composite PMI preliminary value was 54.8 [3] Futures Market - On November 21, the main contract 2602 closed at 1556.1, down 3.2%, with a trading volume of 28,700 lots and an open interest of 43,400 lots, an increase of 1440 lots from the previous day [3] Strategies - Short - term strategy: For risk - preferring investors, it is recommended to lightly test long positions in the EC2602 contract in the 1550 - 1600 range, try to add positions when the futures price pulls back to the range, and not hold losing positions. Set stop - losses [4] - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see or try with a light position [4] - Long - term strategy: It is recommended to take profits when each contract rises to a high level, wait for the price to stabilize after a pullback, and then judge the subsequent direction [4] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [4] - The margin of the company 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]