Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - There is a contradiction between the current reality and strong expectations. The cargo receiving in early October is weak. Although shipping companies' price increase announcements have boosted the market sentiment, the purpose is to stabilize prices and encourage pre - holiday bookings, with poor expected implementation. Consider shorting the October contract at high points [1]. - After the holiday, there are multiple upward drivers, including multiple price increase announcement nodes, high operational space for shipping companies to slow down and suspend voyages, and the long - term agreement signing season from December to January [1]. - In terms of valuation, the 12 and 02 contracts are already highly valued, but funds may be more concentrated on them, so a long - allocation strategy is recommended in the short term. The 04 contract, as an off - season contract, is suitable for short - allocation, but its low liquidity may make it vulnerable to disturbances [1]. 3. Summary by Related Content Futures Market Data - **Futures Contract Prices**: On September 26, 2025, the closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 were 1173.0, 1783.1, 1696.2, 1285.1, and 1482.3 respectively, with daily increases of 5.26%, 5.10%, 6.81%, 1.91%, and 2.56% [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, FC2512 - 2602 were - 610.1 and 86.9 respectively, with day - on - day changes of - 23.0 and - 21.5, and week - on - week changes of - 30.6 and 19.4 [1]. - **Market Indicators**: The Tetanite index on September 15, 2025, was 1440.24 points, down 8.06% from the previous period; the SCFI (European Line) on September 19, 2025, was 1052 dollars/TEU, down 8.84% from the previous period; the CCFI was 1470.97 points, down 4.31%; the NCFI was 673.61 points, down 7.65% [1]. Spot Market Data - **Booking Situation**: Currently, downstream customers are booking spaces for the period from the end of September to early October (week 39 - 41). In week 39, the average quotation was 1600 dollars (equivalent to 1150 points on the disk), with MSK's price rising from 1500 to 1570 dollars. In weeks 40 - 41, the average quotation was 1450 dollars (equivalent to 1020 points on the disk). In week 42, MSK's opening quotation was 1800 dollars (up 400 dollars), CMA's was 2520 dollars (up 900 dollars), HPL's was 2035 dollars (up 600 dollars), and OOCL's was 2000 dollars (up 500 dollars) [1][2]. News - On September 25, 2025, US Middle East envoy Witkoff introduced Trump's 21 - point Middle East and Gaza peace plan, expecting a breakthrough in the Gaza issue in the coming days. Netanyahu stated that some Western countries' recognition of the State of Palestine would not bind Israel. On September 26, 2025, Trump had a good talk about the Gaza issue and a pleasant conversation with Netanyahu [2].