2025 年 4 月 15 日 集运指数（欧线）： 6-10 正套、8-10 正套、10- 12 反套轻仓持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie026585@gtjas.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2504 | 1,480.0 | -0.83% | 126 | | 1,297 | -33 | 0.10 | | 0.16 | | 期货 | EC2506 | 1,697.0 | -5.30% | 54,583 | | 33,133 | 1,321 | 1.65 | | 2.39 | | | EC2508 | 1,708.0 | -1.80% | 21,084 | | 29,8 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Hold the 6 - 10 positive spreads, 8 - 10 positive spreads, and 10 - 12 negative spreads of the Container Shipping Index (European Line); the near - month contracts may have a short - term strong rebound [1] 3. Summary by Section 3.1 Fundamental Tracking - **Futures Data**: - EC2504: Yesterday's closing price was 1,491.0, with a daily decline of 1.37%. The trading volume was 556, and the open interest was 1,509, a decrease of 227. The trading volume to open interest ratio was 0.37, compared to 0.44 the previous day [1] - EC2506: Yesterday's closing price was 1,704.7, with a daily decline of 6.57%. The trading volume was 86,722, and the open interest was 34,705, an increase of 1,945. The trading volume to open interest ratio was 2.50, compared to 2.27 the previous day [1] - EC2508: Yesterday's closing price was 1,703.2, with a daily decline of 8.18%. The trading volume was 34,648, and the open interest was 28,839, an increase of 590. The trading volume to open interest ratio was 1.20, compared to 1.28 the previous day [1] - **Freight Rate Index**: - SCFIS: The European route was at 1,422.42 points, with a weekly decline of 3.5%. The US - West route was at 1,129.45 points, with a weekly increase of 3.7% [1] - SCFI: The European route was at $1,318/TEU, with a bi - weekly increase of 1.4%. The US - West route was at $2,177/FEU, with a bi - weekly increase of 6.2% [1] - **Spot European Line Freight Rates**: Different carriers offer various prices and transit times from Shanghai to Rotterdam or Antwerp. For example, Maersk offers a price of $1,868/40'GP and $1,114/20'GP with a 39 - day transit time starting on April 17, 2025 [1] - **Exchange Rates**: The US dollar index was at 102.95, and the US dollar to offshore RMB exchange rate was 7.39 [1] 3.2 Macro and Industry News - US President Trump halted the comprehensive reciprocal tariffs that took effect on April 9 for 90 days for trade negotiations. A 10% benchmark tariff on all goods entering the US (effective April 5) remains, and tariffs on specific industries continue. There are also hints of possible future tariff increases. The 25% steel and aluminum tariffs (effective March 12) and 25% auto and parts tariffs (effective April 2) are still in place [9] - French President Macron said on April 9 that France may recognize the State of Palestine in June [12] 3.3 Trend Intensity The trend intensity of the Container Shipping Index (European Line) is 1, indicating a neutral - to - slightly positive outlook according to the given classification [13]