Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market continued to fluctuate weakly on Friday. With the subsequent peak season and the long - term contract signing period in December as positive drivers, it is recommended to take a dip - buying approach overall. The market is expected to mainly follow the trend of the December contract in the short term. Observe the cargo - picking situation during the peak season. Freight rate highs usually occur 4 - 5 weeks before the Spring Festival (mid - January next year). If the peak season is gradually realized, the February contract may have more upside potential. The April contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure and the off - season in April next year [3] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The EC2512 contract closed at 1812.0, down 1.96% (-603.3); EC2602 at 1592.0, down 0.56% (-383.3); EC2604 at 1164.6, down 1.14% (44.1); EC2606 at 1376.1, down 2.69% (-167.4); EC2608 at 1499.2, up 1.02% (-290.5); EC2610 at 1133.4, down 0.58% (75.3) [2] - **Volume and Open Interest**: The trading volume of EC2512 was 17121, and the open interest was 25887 with a decrease of 2525; EC2602 had a volume of 5303, open interest of 22939 with an increase of 314; EC2604 had a volume of 1193, open interest of 14330 with an increase of 122; EC2606 had a volume of 74, open interest of 1452 with a decrease of 3; EC2608 had a volume not fully shown, open interest of 1311 with an increase of 5; EC2610 had a volume of 154, open interest of 1464 with an increase of 32 [2] - **Month - to - Month Spreads**: The spread of EC2512 - 2504 was 647.4, with a daily decrease of 22.8 and a weekly decrease of 20.5; EC2512 - 2602 was 220.0, with a daily decrease of 27.2 and a weekly decrease of 40.8; EC2502 - 2604 was 427.4, with a daily increase of 4.4 and a weekly increase of 20.3 [2] Spot Market - **SCFIS**: Updated weekly on Mondays, as of November 3, 2025, it was 1208.71 points, down 7.92% from the previous period [2] - **SCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1323 dollars/TEU, down 1.56% from the previous period [2] - **CCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period [2] - **NCFI**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 911.73 points, down 5.58% from the previous period [2] Recent European Line Quotation - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the futures market) [3] - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 US dollars for the second half of November, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies' quotes will be gradually lowered this week. There may also be a price increase announcement for December [3] Related News - On November 9, the Qassam Brigades of Hamas stated that armed personnel in the Rafah area under Israeli control would not surrender to Israel. They urged mediators to take responsibility to avoid the breakdown of the cease - fire. Egypt had proposed a plan allowing about 200 armed personnel in Rafah to have safe passage on the condition of handing over weapons and providing the location of underground tunnels, but the Qassam Brigades strongly rejected it [4] - On November 10, the Houthi armed forces warned that if the cease - fire in the Gaza Strip breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea [4] Index Delay - The XSI - C index is delayed by three working days [5]