行业 集运指数日报 日期 2026 年 1 月 9 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1月8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 | 1,874.3 | 1,770.0 | 1,706.0 | 1,724.6 | -168.3 | -8. ...

行业 集运指数日报 日期 2026 年 1 月 6 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1月5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 | 1,828.5 | 1,840.0 | 1,855.5 | 1,859.4 | 27.0 | 1.48 ...

02后面主要看现货走势，1月运价见项高度与时间、后续跌价等节奏很难预估，当前点位下不建议入场 04估值中性偏高，但短期存在上行风险（资金移仓、地缘反转、节前减仓、跌无可跌后的涨价函），思路以逢高空为主。 远月受地缘影响大；在复航预期、淡季的长期逻辑下，10逢高空思路为主。 欧线视്വ്വീഷ Week52: MSK开舱2300,其余公司目前沿用week51为主。中枢2500美金,折盘面约1750点 Week1: MSK开舱2500美金, OA2700-2800 (EMC部分航线2500+)，PA2800 (集量2600)，。中枢1950美金, 折盘约1950点, 消息面 Week2：MSK平开2500美金，但汉堡港2600（环比+100）。 | | EC2512 | | 1613.0 | 0.31% | -23.8 | 82 | | 1675 | -39 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | EC2602 | | 1824.5 | 1.38% | -235.3 | 26553 | | 31849 | -24 ...

ચીટ | | | | | A B A 1 4 - 1 - 1 - 1 - 1 - | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究中心能化团队 | | | 2025/12/18 | | | ਵਲੇ | | 昨日收盘价 | 涨跌 | 選 | 昨日成交量 | | 昨日持仓昼 | 持仓变动 | | | EC2512 | | 1632.0 | 0.03% | -121.4 | 390 | | 2218 | -348 | | | EC2602 | | 1699.8 | 0.77% | -189.2 | 24199 | | 31971 | -512 | | | EC2604 | | 1124.1 | 1.02% | 386.5 | 4585 | | 19059 | -869 | | | EC2606 | | 1283.7 | -0.49% | 226.9 | 223 | | 2306 | 1 | | | EC2608 | | 1448.1 | -0.98% | 62.5 | ਦੇ ਰੇ | ...

Report Information - Report Type: Container Shipping Index Daily Report [1] - Date: December 18, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The spot SCFIS index has slightly rebounded and stabilized this week. Shipping companies continue to raise prices, boosting market sentiment. However, MSC's online price for early January is lower than its announced increase, dampening bullish sentiment. The main shipping companies have formed a trend of joint price increases, which will support the pre - Spring Festival price increase expectation. It's difficult to prove whether the EC2602 contract is overvalued in the short term, and short - selling is not cost - effective. Attention should be paid to the possible overvaluation of the off - season April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index has slightly rebounded and stabilized this week. Shipping companies are raising prices, but MSC's online price for early January is lower than the announced increase. The main shipping companies are jointly raising prices, supporting the pre - Spring Festival price increase expectation. It's hard to prove the overvaluation of EC2602 in the short term, and short - selling is not advisable. Attention should be paid to the possible overvaluation of the April contract and the positive spread trading opportunity between EC2602 and EC2604 [8]. 3.2 Industry News - **Shipping Market**: From December 8 to 12, China's export container transport demand was generally stable. The Shanghai Export Containerized Freight Index rose by 7.8% on December 12. European, Mediterranean, and North American routes saw price increases due to different factors. Many shipping companies, including MSC, CMA CGM, Maersk, and Hapag - Lloyd, announced price increases or surcharge adjustments [9][10]. - **Geopolitical News**: Trump plans to announce the second phase of the Gaza peace process before Christmas. There are ongoing military operations in Israel, and there are developments regarding the relationship between armed groups in Rafah and Hamas. There are also updates on Maersk's plan to resume Red Sea - Suez Canal navigation and Israeli Prime Minister Netanyahu's pardon application [10]. 3.3 Data Overview - **Container Shipping Spot Prices**: On December 15, the SCFIS for the European route was 1510.56, up 0.1% from December 8, while the SCFIS for the US West route was 924.36, down 3.8% [12]. - **Container Shipping Index (European Line) Futures**: Trading data for EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 on December 17 are provided, including opening price, closing price, settlement price, price change, and trading volume [6]. - **Shipping - Related Data Charts**: Various charts show data such as container ship capacity in Europe, global container ship orders, and shipping prices [13][15][16][20]

EEEEAA | | | | | | | 研究中心能化团队 | | | 2025/12/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 EC2512 | | 昨日收盘价 1649.1 | 涨跌 -0.27% | 基差 -165.5 | 昨日成交量 270 | | 昨日持仓量 3731 | 持仓变动 -82 | | | EC2602 | | 1585.0 | 2.92% | -101.4 | 27304 | | 34222 | -786 | | | EC2604 | | 1090.1 | 0.65% | 393.6 | 2881 | | 19129 | 132 | | | EC2606 | | 1255.1 | 0.05% | 228.6 | 178 | | 2141 | -26 | | 期货 | EC2608 | | 1385.6 | 0.40% | 98.1 | 125 | | 1549 | -28 | | | EC2610 | | 1040.2 | -0.19% | 443.5 | 297 | | 3961 ...

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 行业 集运指数日报 日期 2025 年 12 月 5 日 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货12月4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 | | EC2512 | 1,646.0 | 1,634.4 | 1,649.1 | 1,646.5 | 3.1 | 0.19 ...

晚，春节前集中发货未完全启动，当前尚未全面爆仓也属正常 ; (2) 今年以来欧线货量坚挺, 季节性特征明显, (3) 02合约覆盖1月下半月和2 月上旬的运价，季节"柱运价高点多在春节前4-5周，若后续旺季货量逐步兑现，02或有更高想象空间, 04短期下方空间小，整体仍建议逢高空思路对待。 沂期欧线规信情况: 12月上宣涨失败，Week49：均值2360美金，折盘面1650点， Week50：MSK开舱下跌至2200美金定调，其余船司跟跌，OA2300-2400，PA2100-2200，目前中枢2270美金，折盘面1580点。 周 YML对week50两条船降价150至1750美金。MSC涨200至2600美金, 12月下：MSC喊涨3500，ONE涨至2800美金，MSK开舱2400。预计船司将会在12月上旬对1月舱位进行宣涨。 MSK对week51开舱报价2400美金,环比涨200,折盘面1660点。 国 国二 MSK对1月20日新增加研船MDV ELECTRA. 运力未知, 相关新闻 12/4 哈马斯蒂斯 17年第五十分年第三十年第二期第一次第一 当地时间3日晚间,巴勒斯坦伊斯兰抵抗运动(哈马斯)发表声 ...

| 第一部分 | 前言概要 2 | | --- | --- | | | 【行情回顾】 2 | | | 【市场展望】 2 | | | 【策略推荐】 2 | | 第二部分 | 行情复盘 3 | | | 一、主流船司长约季宣涨落地不及预期，EC 盘面冲高回落后维持低位震荡 | | | 3 | | 第三部分 | 基本面情况 5 | | | 一、旺季来临揽货情况差异较大，市场对未来运价高度仍存在分歧 5 | | 二、10 | 月集装箱新船交付量延续跌势，关注后续船期排班调配情况 10 | | | 三、美国关税冲击持续影响全球贸易，需求疲软致使 10 月出口下滑 20 | | 第四部分 | 后市展望及策略推荐 26 | | 免责声明 | 27 | 航运板块研发报告 集运指数（欧线）月报 2025 年 11 月 28 日 春节前旺季宣涨预期仍在，关注船司复航红海动作 运价方面，船司当前长约货有所改善，12 月传统旺季来临，船司报价逐渐 出炉，但因 12 月上半月即期市场揽货情况一般，多数船司选择调降 12 月上半 月报价，前期宣涨落地情况不及预期。整体来看，12 月运价走势较为波折，前 期宣涨目标多在 3100-3200 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - On Wednesday, the futures market declined significantly due to the near - end price and resumption of shipping expectations. The EC2512 contract is moving towards the delivery logic and follows the spot price, with an expected range of around 1550 - 1600 points. Contracts P2 and P3 are related to the second - half of December cabin space, and the freight rate is expected to be stable with a slight increase [3]. - The EC2602 contract has a low valuation. The key to going long is to wait for the signal of cargo volume explosion. There is no overly pessimistic expectation because the cargo volume on the European route has been good this year, and the price cut in December for inventory stocking is beneficial for the price increase in January. If the peak season is realized later, the EC2602 contract may have more upside potential [3]. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Catalogs Futures Contract Data | Contract | Yesterday's Price | Change | Yesterday's Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | | EC2512 | 1612.9 | - 0.59% | 1493 | 5232 | - 302 | | EC2602 | 1387.7 | 0.02% | 24978 | 42968 | - 1089 | | EC2604 | 1054.6 | - 1.64% | 566 | 18701 | 703 | | EC2606 | 1190.1 | - 4.94% | 719 | 2186 | 200 | | EC2608 | 1310.8 | - 5.43% | 433 | 1650 | 32 | | EC2610 | 1012.2 | - 4.13% | 1174 | 3700 | 611 | [2] Month - spread Data | Month - spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2512 - 2504 | 558.3 | 550.2 | 523.6 | 8.1 | - 42.3 | | EC2512 - 2602 | 225.2 | 235.0 | 196.5 | - 9.8 | 102.0 | | EC2502 - 2604 | 333.1 | 315.2 | 327.1 | 17.9 | - 144.3 | [2] Index Data | Index | Update Frequency | Announcement Date | Unit | Current Value | Previous Value | Two Periods Ago | Current Change | Previous Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SCFIS (European Route) | Weekly | 2025/11/24 | Points | 1639.37 | 1357.67 | 1504.80 | 20.75% | - 9.78% | | SCFI (European Route) | Weekly | 2025/11/21 | USD/TEU | 1367 | 1417 | 1323 | - 3.55% | 7.11% | | CCFI | Weekly | 2025/11/21 | Points | 1432.96 | 1403.64 | 1366.85 | 2.09% | 2.69% | | NCFI | Weekly | 2025/11/21 | Points | 951.65 | 979.34 | 911.73 | - 2.83% | 7.42% | [2] Recent European Route Spot Situation - Week 49: The offline quotes of GEMINI and PA alliances are between 2300 - 2500, and OA is between 2300 - 2600, with an average of about 2400 US dollars (equivalent to about 1650 points on the futures market) [4]. - Week 50: Maersk opened at 2200 US dollars, PA dropped to 1900 - 2200, and OA remained at 2400 - 2500. The central price may be between 2200 - 2300 US dollars (1550 - 1600 points). On Thursday, YML cut the price to 1900, and ONE cut it to 2200 (with a combined volume of 2000 - 2100) [4]. Related News - On November 28, the Pakistani Foreign Ministry condemned the Israeli army for shooting and killing two Palestinians in the West Bank [5]. - On November 27, the Israeli army stated that it had attacked multiple Hezbollah targets in southern Lebanon [5].