1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Maersk plans to increase prices in the second half of December, and the implementation of the price increase should be monitored [1]. - The delivery settlement price of the December contract is gradually becoming clear, and the price in the first half of December has been continuously revised downward [3]. - There may be a significant expected difference in the February 2026 contract, and its delivery settlement price will basically reflect the spot price center at the end of January [4]. - The far - month contracts face the pressure of the Suez Canal's resumption of navigation, which may increase the effective shipping capacity supply and suppress freight rates [5]. - In 2025, it is still a big year for container ship deliveries [6]. - For trading strategies, the December contract is expected to fluctuate, and the February contract is expected to fluctuate with an upward bias; there is currently no arbitrage strategy [7]. 3. Summary by Directory I. Futures Prices - As of December 2, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 67,239 lots, and the daily trading volume was 29,045 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1534.20, 1072.10, 1233.20, 1374.90, 1032.60, and 1633.60 respectively [5]. II. Spot Prices - On November 28, 2025, the SCFI (Shanghai - Europe route) price was 1404 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1632 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2428 US dollars/FEU. On December 1, the SCFIS (Shanghai - Europe) was 1483.65 points, and the SCFIS (Shanghai - US West) was 948.77 points [5]. III. Container Ship Capacity Supply - In December, the average weekly capacity was 303,900 TEU, and in January, it was 332,400 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA Alliance. Maersk added a new sailing ship, MAERSK EINDHOVEN (13,092 TEU), in Week 51 [3]. - As of November 29, 2025, 243 container ships with a total capacity of 1.985 million TEU had been delivered in 2025. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU (total 1.1185 million TEU) and 12 ships with a capacity of over 17,000 TEU (total 253,800 TEU) had been delivered [6]. IV. Supply Chain - Maersk and Hapag - Lloyd launched a Cape of Good Hope network due to the ongoing turmoil in the Red Sea. There is currently no specific time to change the east - west route of the Gemini to pass through the Red Sea [2]. - The cease - fire mediation plan for Gaza is advancing, and the Suez Canal is likely to resume navigation in 2026, which will increase the effective shipping capacity supply and suppress freight rates [5]. V. Demand and European Economy - The cargo volume in December and January is at a relatively high level within the year. The delivery settlement price of the EC2602 contract will basically reflect the spot price center at the end of January [4].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The 12 - month contract trading focuses on rhythm, with expectations and reality intertwined, and the valuation gradually becoming clear. Attention should be paid to the implementation of the price - support measures in December. Shipping companies will adjust supply to keep freight rates high for the next long - term contract negotiation [4]. - The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. The delivery and settlement time of the February contract is determined. If the price - support period is extended and high prices are achieved in January 2026, the February contract may be at parity with the December contract [5]. - The strategy suggests a volatile trend for the December contract and a slightly stronger volatile trend for the February contract, with no arbitrage strategy currently [7]. 3. Summary by Relevant Catalogs I. Futures Price - As of November 17, 2025, the total open interest of all container shipping index (European line) futures contracts was 72,346.00 lots, and the daily trading volume was 57,165.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1726.00, 1187.70, 1403.90, 1521.10, 1118.00, and 1792.30 respectively [6]. II. Spot Price - On November 14, the SCFI (Shanghai - Europe) price was 1417 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1823 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2600 US dollars/FEU. On November 17, the SCFIS (Shanghai - Europe) was 1357.67 points and the SCFIS (Shanghai - West Coast of the United States) was 1238.42 points [6]. III. Container Ship Capacity Supply - In November, the remaining three - week average weekly capacity was 275,800 TEU, with capacities of 278,700, 269,000, and 279,600 TEU in weeks 47, 48, and 49 respectively. In December, the monthly average weekly capacity was 313,000 TEU, with capacities of 333,000, 270,000, 314,200, and 334,700 TEU in weeks 50, 51, 52, and 53 respectively [3]. - In November, there were a total of 10 blank sailings and 1 TBN (4 by MSC/PA Alliance, 1 by Gemini Alliance, 5 by OA Alliance, and 1 TBN of OA Alliance is expected to turn into a blank sailing). In December, there were 4 TBNs and 1 blank sailing (3 TBNs by OA Alliance, 1 TBN and 1 blank sailing by MSC/PA Alliance) [3]. - As of November 9, 2025, 226 container ships with a total capacity of 1.879 million TEU had been delivered in 2025. Among them, 71 ships with a capacity of 1.072 million TEU in the 12,000 - 16,999 TEU category and 12 ships with a capacity of 253,800 TEU in the over 17,000 TEU category had been delivered [6]. IV. Supply Chain No specific analysis content is provided in the text, only figure references are given. V. Demand and European Economy No specific analysis content is provided in the text, only figure references are given.

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The shipping industry is currently facing significant cargo - collection pressure. The freight rate center has declined, and the 10 - month contract is mainly short - allocated while the 12 - month contract has the potential for long - allocation after the freight rate bottom becomes clear [4][5]. - The EC2510 contract is relatively safe to short at high prices, but extreme short - chasing is not advisable. For the 12 - month contract, attention should be paid to the bottom of this round of freight rate decline, and long - allocation can be gradually carried out as the freight rate bottom becomes clear [4][5]. 3. Summary by Related Catalogs 3.1 Market Analysis - Online quotes: Different shipping companies have different price quotes for the Shanghai - Rotterdam route. For example, Maersk's 36 - week price is 1315/2210, and the 37 - week price is 1140/1900 (currently up to 1170/1960). HPL - SPOT's price for the second half of September is 1135/1835 [1]. - Geopolitical situation: The Yemeni Houthi rebels stated that they would retaliate for the death of several important members in an Israeli air strike, which may affect shipping in the region [2]. 3.2 Capacity Analysis - China - European basic port capacity: The average weekly capacity in September is 294,700 TEU, and in October is 276,600 TEU. There are 3 blank sailings in September and 10 TBNs and 3 blank sailings in October. HPL has announced two additional vessels for October [3]. 3.3 Contract Analysis - 10 - month contract: It is a quarterly contract, mainly short - allocated. The current freight rate center has dropped to around $2000/FEU, and the 10 - month contract is equivalent to a spot price of around $1900/FEU. Attention should be paid to the price at which shipping companies try to stabilize the price [4]. - 12 - month contract: In normal years, the price in December is generally more than 10% higher than that in October. The risk lies in the bottom of this round of freight rate decline. If vessels on the US route are transferred to the European route in the fourth quarter, it may put pressure on European route prices [5]. 3.4 Futures and Spot Market - Futures market: As of September 1, 2025, the total open interest of all container shipping index European route futures contracts is 81,845.00 lots, and the single - day trading volume is 43,901.00 lots. Different contracts have different closing prices [6]. - Spot market: On September 1, 2025, the SCFIS (Shanghai - Europe) is 1773.60 points, and the SCFIS (Shanghai - US West) is 1013.90 points [6].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - The freight rate has entered a downward cycle, and attention should be paid to Maersk's price offer in Week 34 [1][4]. - The top of the August contract freight rate has appeared, and the shipping company's price has started a downward cycle [4]. - The October contract is mainly for short - allocation, and subsequent focus is on the downward slope of the freight rate [5]. - The volume of shipments in December usually remains at a high level, and the freight rate is generally 10% higher than that in October. However, the risk lies in whether the Suez Canal will resume navigation [7]. - The strategy includes a weak and volatile main contract in the unilateral market, and in the arbitrage market, it is advisable to go long on the December contract and short on the October contract, and short the October contract on rallies [9]. 3. Summaries According to Relevant Catalogs 3.1 Market Analysis - Online quotes show different price trends for various shipping companies on the Shanghai - Rotterdam route. For example, Maersk's Week 32 quote was 1846/3102, and Week 33 was 1760/2960 [1]. 3.2 Geopolitical Situation - Russian President Putin had a phone call with Israeli Prime Minister Netanyahu on August 4, and they discussed the Middle East situation, with Russia reiterating its stance on peaceful resolution [2]. 3.3 Shipping Capacity - The average weekly shipping capacity from China to European base ports in August was 347,300 TEU, and in September it was 297,100 TEU. There were 4 blank sailings in August (all from the OA Alliance) and 2 TBNs in September [3]. - Maersk added two extra - loading vessels in August (Beijing Maersk in Week 32 and Maersk Emden in Week 35), and the OA Alliance added one (OOCL/Cosco CSCL JUPITER) [3]. 3.4 Contract Analysis - **August Contract**: The freight rate top has emerged. After Maersk's Week 34 price dropped to $2,800/FEU, the prices of the OA and PA Alliances followed suit [4]. - **October Contract**: It is mainly for short - allocation, and the normal price in October is 20% - 30% lower than that in August. Attention should be paid to the price at which shipping companies try to stabilize the price during the downward cycle [5]. - **December Contract**: The freight volume is usually high due to holiday procurement. The price in December is generally 10% higher than that in October, but the risk is the resumption of the Suez Canal [7]. 3.5 Shipping Vessel Delivery - 2025 is a big year for container ship deliveries. As of July 27, 2025, 157 container ships with a total capacity of 1.2513 million TEU have been delivered [8]. 3.6 Strategy - **Unilateral**: The main contract is expected to be weak and volatile. - **Arbitrage**: Go long on the December contract and short on the October contract, and short the October contract on rallies [9].