Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The EC2604 contract has entered the delivery logic with neutral valuation. Its trend is expected to follow the spot price, and the market is concerned about subsequent shipping company quotes and geopolitical situations [3]. - The EC2606 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to determine [3]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities brought by the deviation of monthly spreads, but attention should be paid to the current poor liquidity of EC [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: The EC2604 contract closed at 1719.7 with a -0.88% change; EC2605 at 2005.6 with a 0.64% change; EC2606 at 2532.3 with a 6.18% change; EC2607 at 2625.0 with a 3.78% change; EC2608 at 2539.0 with a 5.66% change; EC2609 at 1753.7 with a 2.52% change; EC2610 at 1626.0 with a 1.93% change; EC2612 at 1834.2 with a 4.06% change [2]. - **Trading Volume and Open Interest**: The trading volume of EC2604 was 8177, and the open interest was 7029 with a decrease of 2233; EC2605 had a trading volume of 1460 and an open - interest of 2027 with an increase of 205; EC2606 had a trading volume of 26147 and an open - interest of 17711 with an increase of 3558; EC2607 had a trading volume of 32 and an open - interest of 1231 with an increase of 187; EC2608 had a trading volume of 1308 and an open - interest of 2808 with an increase of 166; EC2609 had a trading volume of 111 and an open - interest of 541 with an increase of 48; EC2610 had a trading volume of 3462 and an open - interest of 7135 with a decrease of 29; EC2612 had a trading volume of 214 and an open - interest of 471 with a decrease of 30 [2]. - **Basis and Monthly Spreads**: The basis of EC2604 was 32.8, EC2605 was -253.1, EC2606 was -779.8, EC2607 was -872.5, EC2608 was -786.5, EC2609 was -1.2, EC2610 was 126.5, and EC2612 was -81.7. The monthly spread of EC2604 - 2606 was -812.6 (a decrease of 162.6 compared to the previous day and 272.3 compared to the previous week); EC2604 - 2605 was -285.9 (a decrease of 28.0 compared to the previous day and 279.3 compared to the previous week); EC2606 - 2610 was 906.3 (an increase of 116.5 compared to the previous day and 40.1 compared to the previous week) [2]. Spot Market Information - **Spot Price Changes**: The spot price (in points) on March 30, 2026, was 1752.54, a 3.50% increase from the previous period, and the previous period had an 8.79% increase. The SCFI (European line) on March 27, 2026, was 1703 US dollars/TEU, a 4.10% increase from the previous period, and the previous period had a 1.11% increase [2]. - **European Line Spot Quotes**: In Week 13, MSK quoted 2250 US dollars flat, PA quoted 2400 - 2500, and some voyages were 2200 (2000 for large - volume orders), with the spot average converted to the futures price being about 1700 - 1800 points, and the price increase in April failed. In Week 14, the average quote was 2570 US dollars, converted to 1800 points. In Week 15, Maersk quoted 2350 US dollars (a decrease of 300 compared to the previous period), PA continued to use the previous quote, and OA and MSC had not fully reported [4]. Relevant News - On March 30, hundreds of US special operations forces arrived in the Middle East to participate in a deployment action related to a military conflict with Iran [5]. - On March 30, three Chinese ships passed through the Strait of Hormuz [5]. - On March 31, an Iranian attack on a Kuwaiti fully - loaded oil tanker caused the oil price to rise [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 04 contract has entered the delivery logic, with a neutral valuation. The market is concerned about subsequent shipping company quotes and geopolitical situations, and its trend is expected to follow the spot quotes [2]. - The 06 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to anchor [2]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities arising from the deviation of the monthly spread, but attention should be paid to the current poor liquidity of the EC [2]. Summary by Relevant Catalogs EC Contract Analysis - The 04 contract is in the delivery logic with a neutral valuation, and its trend follows spot quotes [2]. - The 06 contract is the main contract, affected by geopolitical news and shipping company actions, with difficult - to - anchor valuation, so it's advisable to wait and see [2]. - Observe opportunities from monthly spread deviation, but note the poor EC liquidity [2]. European Line Spot Situation - In Week 13, MSK's offer was flat at $2250, PA offered $2400 - 2500, and some voyages were $2200 (large - volume orders at $2000). The spot average converted to the futures price was about 1700 - 1800 points. The price increase in April failed [3]. - In Week 14, the average offer was $2570, converting to 1800 points on the futures [3]. - In Week 15, Maersk's offer was $2350 (down $300 from the previous week), PA's offer remained the same, and OA and MSC had not fully reported their prices [3]. Relevant News - On March 28, Iran agreed to release 20 more Pakistani vessels. Two LPG tankers bound for India passed through the Strait of Hormuz. Malaysia said Iran allowed its stranded tankers to pass. Thailand reached an agreement with Iran on the passage of its tankers through the Strait of Hormuz [4]. - On March 29, the US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries. The Israeli military spokesman said the Yemeni Houthi rebels launched missiles at Israel and joined the Iran war, and Israel would respond [4]. - On March 30, Trump said indirect negotiations with Iran were progressing smoothly, and an agreement was expected to be reached soon. The Wall Street Journal reported that US officials said Trump was considering military action against Iran but had not made a decision [4]. EC Contract Price and Index Data - For EC2604, the closing price was 1735.0, down 2.05% (-1468), with a trading volume of 9616 and an open interest of 9262, a change of -2.48% (-25) [6]. - For EC2605, the closing price was 1992.9, down 299.6, with a trading volume of 944 and an open interest of 1822, a change of -1.34% (322) [6]. - For EC2606, the closing price was 2385.0, down 691.7, with a trading volume of 11021 and an open interest of 14153, a change of -0.23% (56) [6]. - For EC2607, the closing price was 2529.4, down 836.1, with a trading volume of 338 and an open interest of 1044, a change of -0.39% (-155) [6]. - For EC2608, the closing price was 2403.0, down 709.7, with a trading volume of 809 and an open interest of 2642, a change of 0.81% (4) [6]. - For EC2609, the closing price was 1710.6, with a trading volume of 493 and an open interest of -3, a change of 1.14% (-29) [6]. - For EC2610, the closing price was 1595.2, up 98.1, with a trading volume of 1148 and an open interest of 7164, a change of 0.73% (0) [6]. - For EC2612, the closing price was 1762.7, down 69.4, with a trading volume of 25 and an open interest of 501 [6]. - For the monthly spread EC2604 - 2606, the current value was -650.0, with a day - on - day change of -4.1 and a week - on - week change of 85.5 [6]. - For the monthly spread EC2604 - 2605, the current value was 14.3, with a day - on - day change of -257.9 and a week - on - week change of -272.2 [6]. - For the monthly spread EC2606 - 2610, the current value was -50.3, with a day - on - day change of 789.8 and a week - on - week change of 840.1 [6]. - The SCFIS (European line) index on March 23, 2026, was 1545.46, up 8.79% from the previous period [6]. - The SCFI (European line) on March 20, 2026, was 1636, up 1.11% from the previous period [6].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The EC2604 contract is expected to fluctuate today due to the contradiction between its weak fundamentals and potential fuel cost increases. The EC2610 contract follows the cost - support logic, and it is recommended to wait and see in the short term. Other far - month contracts' core lies in the blockade time of the Strait of Hormuz. It is advised to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of month spreads [3] Group 3: Summary by Related Catalogs Futures Contract Information - The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1803.0, 2086.0, 2364.1, 2475.2, 2354.2, 1658.1, 1567.9, and 1716.7 respectively, with price drops of 5.05%, 4.23%, 3.08%, 3.58%, 2.35%, 3.60%, 0.32%, and 3.23% respectively. Their trading volumes are 18169, 1146, 12555, 421, 1120, 84, 2222, and 143 respectively, and the changes in open interest are - 3207, - 155, FF60, - 22, - 108, B, - 172, and નિર્ respectively [2] - The day - on - day changes of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 20.8, - 3.7, and - 70.0 respectively, and the week - on - week changes are - 89.9, - 253.0, and - 28.4 respectively [2] Spot Market Information - The spot price of the (European Line) on March 23, 2026, is 1693.26 points, with a 8.79% increase from the previous period. The SCFI on March 20, 2026, is 1636 dollars/TEU, with a 1.11% increase from the previous period [2] - In Week 13, MSK opened at 2250 US dollars, PA reported 2400 - 2500, and some voyages reported 2200 (2000 for large shipments). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In the first half of April, YML and ONE reported 2500 US dollars, EMC reported 3160 US dollars, and OOCL reported 3100 US dollars. Maersk reported 2650 US dollars in Week 14 (a 400 - dollar increase from the previous period) and 2350 US dollars in Week 15 (a 300 - dollar decrease from the previous period) [4] Relevant News - On March 25, Cosco Shipping resumed bookings for Gulf countries, but ships will not pass through the Strait of Hormuz for now. Instead, containers will be shipped to ports on the east side of the strait and then transferred by land [5] - On March 25, Iran put forward five cease - fire conditions. The US media reported that the White House was planning a negotiation with Iran over the weekend, and the US vice - president might attend [5] - On March 26, the White House press secretary reiterated that the time frame for Iran's actions was 4 to 6 weeks. Iran was willing to have a dialogue, and Trump was ready to participate [5]

Group 1: Futures Market Data - EC2604 had a closing price of 1898.9, a decline of 2.99%, a basis of -342.4, a trading volume of 18908, an open interest of 15267, and a change in open interest of -2429 [2] - EC2605 had a closing price of 2178.2, a decline of 8.43%, a basis of -621.7, a trading volume of 1142, an open interest of 1569, and a change in open interest of -245 [2] - EC2606 had a closing price of 2439.2, a decline of 9.42%, a basis of -882.7, a trading volume of 11832, an open interest of 13405, and a change in open interest of -907 [2] - EC2607 had a closing price of 2567.0, a decline of 7.76%, a basis of -1010.5, a trading volume of 318, an open interest of 913, and a change in open interest of -79 [2] - EC2608 had a closing price of 2410.8, a decline of 5.98%, a basis of -854.3, a trading volume of 1175, an open interest of 2828, and a change in open interest of -117 [2] - EC2609 had a closing price of 1720.0, a decline of 6.29%, a basis of -163.5, a trading volume not shown, an open interest of 495, and a change in open interest of -7 [2] - EC2610 had a closing price of 1573.0, a decline of 4.55%, a basis of -16.5, a trading volume of 2309, an open interest of 7502, and a change in open interest of -15 [2] - EC2612 had a closing price of 1774.0, a decline of 2.26%, a basis of -217.5, a trading volume of 70, an open interest of 448, and a change in open interest of 10 [2] Group 2: Month - to - Month Spread Data - The spread of EC2604 - 2606 was -540.3, with a day - on - day increase of 195.2 and a week - on - week decrease of 103.6 [2] - The spread of EC2604 - 2605 was -279.3, with a day - on - day increase of 142.1 and a week - on - week decrease of 231.7 [2] - The spread of EC2606 - 2610 was 866.2, with a day - on - day decrease of 178.7 and a week - on - week increase of 49.6 [2] Group 3: Spot Market Data - The spot price of the European line (Tallat) on March 16, 2026, was 1556.49 points, with a 0.71% increase from the previous period [2] - The SCFI of the European line on March 20, 2026, was 1636 dollars/TEU, with a 1.11% increase from the previous period [2] Group 4: Market Analysis - The EC2604 contract is entering the delivery logic, with a contradiction between weak fundamentals and potential fuel cost increases; the EC2610 contract follows the cost - support logic with high geopolitical risks. On Tuesday, both aspects of news were bearish, and the market is expected to be weak [3] Group 5: European Line Spot Situation - In Week 13, MSK's price was flat at 2250 dollars, PA reported 2400 - 2500 dollars, and some voyages were 2200 dollars (2000 dollars for large - volume orders). The average spot price converted to the futures price was about 1700 - 1800 points. COSCO announced a price increase for the European line in April to 5100 dollars, and CMA issued a price - increase letter for April of 3500 dollars [4] - In Week 14, MSK reported 2650 dollars (a 400 - dollar increase from the previous week) [4] - In Week 15, after Tuesday's market close, the price was reported at 2350 dollars (a 300 - dollar decrease from the previous week) [4] - In early April, ONE reported 2500 dollars, EMC reported 3160 dollars, and OOCL reported 3100 dollars [4] Group 6: Related News - On March 25, US media reported that the US had sent a 15 - point plan to Iran to end the Middle - East war. The plan involved Iran's ballistic missile and nuclear programs and maritime shipping lanes. Pakistan's Army Chief Munir had become an important communication bridge between the US and Iran, and Egypt and Turkey encouraged Iran to engage constructively [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The current market sentiment is high, and the monthly spread valuation is also high. Once there is negative news, there may be a significant decline. It is recommended to wait and see in the short term. Additionally, focus on fuel costs, the congestion level of the Singapore port, and the possible release of a price increase notice for April by shipping companies this week [2]. 3. Summary by Relevant Catalogs EC Contract Information - **Contract Prices and Changes**: EC2604 closed at 2236.4 with an 18.19% increase; EC2605 at 2257.0 with a 19.27% increase; EC2606 at 2494.0 with a 15.39% increase; EC2607 at 2590.4 with a 14.14% increase; EC2608 at 2422.6 with an 11.13% increase; EC2609 at 1742.3 with a 10.20% increase; EC2610 at 1617.2 with a 10.84% increase; EC2612 at 1861.0 with a 9.70% increase [2]. - **Trading Volume and Open Interest**: The trading volume and open interest of each contract vary, with some showing a decrease in open interest [2]. - **Monthly Spread**: The monthly spreads of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 have different changes compared to previous days and weeks [2]. Spot Market Information - **Spot Price**: The spot price of the European line on March 9, 2026, was 1545.46 points, with a 5.61% increase from the previous period. The SCFI (European line) on March 6, 2026, was 1452 US dollars/TEU, with a 2.25% increase [2]. - **Online Quotes**: OOCL quoted 2800, YML quoted 2700. The current average quotes are around 1750 points on the disk, and attention should be paid to further adjustments [3]. News and Events - **US - Iran Tensions**: The US President Trump stated that they are "far from" sending troops to Iran. G7 finance ministers reached a consensus not to release oil war reserves. Iran plans to charge "security fees" on some ships in the Persian Gulf, and Trump threatened to strike Iran if it blocks oil flow [4]. - **Oil Price and Military Action**: Trump said that military action against Iran will end soon and the oil price increase is lower than expected [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On Thursday, the market first rose and then fell, with a significant overall decline. The main contract EC2604 closed at 1768 points, down 7.41% day - on - day; the second - main contract EC2606 closed at 1950.1 points, down 12.51% day - on - day; the farthest - month contract EC2612 closed at 1677.3 points, down 9.96% day - on - day. The total trading volume of the eight major contracts was 209,500 lots, and the total trading value was 20.676 billion yuan [3]. - The market believes that the Iran war situation is only a temporary event, mainly impacting the near - term market and shipping schedules. Once the Iran situation cools down or ends, the future market will return to normal. The statement from the deputy commander of the Iranian Central Command that the Strait of Hormuz was not blocked led to a sharp decline in the futures market [4]. - Although many liner companies have announced ultra - high prices above $4000/FEU for the second half of March, Maersk's Week 12 opening price of $2200/FEU is relatively more rational and achievable, basically reflecting the lowest price in the spot market. The actual implementation of price increases by other shipowners remains to be observed. The current Iran situation is complex and changeable, and the game between the hard - line and moderate factions in Iran will have an important impact on the capital market [4]. - Considering the volatile situation in the Middle East and the uncertainty of price increases, range trading can be considered on Friday. The support level for the main contract EC2604 is 1500 - 1550 points, and the resistance level is 2000 - 2050 points [5]. 3. Summary by Directory 3.1 First Part: Market Conditions - The trading data of the eight major container shipping futures contracts are presented, including closing prices, settlement prices, price changes, trading volumes, trading values, open interests, and daily amplitudes [10]. 3.2 Second Part: Spot Market - On March 5, TCI (Tianjin - Europe) recorded $1484.33/TEU and $2510.33/FEU, with no day - on - day change. The quotes for the first half of March ($/FEU) of different alliances and shipping companies are provided [3]. 3.3 Third Part: Shipping Capacity - The shipping capacity scale of the world's top 10 liner companies and their new ship order scales are listed. For example, Mediterranean Shipping has a shipping capacity of 7,223,382 TEU and new ship orders of 2,183,776 TEU [15][16]. 3.4 Fourth Part: Suez Canal Navigation Situation - Diagrams related to container ship detours in the Red Sea, shipping volumes, and average waiting times are provided [16][17]. 3.5 Fifth Part: Ship Fuel Oil Situation - No specific content is provided other than the source information [20][21]. 3.6 Sixth Part: RMB - US Dollar Exchange Rate - A diagram of the RMB - US dollar exchange rate and the US dollar index is provided [24]. 3.7 Seventh Part: Key Economic Data Calendar and Reminders for Asia - Europe - The economic data and reminders for Asia - Europe from March 4 to March 6, 2026 are presented, including official manufacturing PMI in China, unemployment rate in the Eurozone, retail sales index in the Eurozone, and global supply chain pressure index [25].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The current valuation of the 04 contract is relatively high. The futures market is in a short - term high - level oscillation under the influence of potential peak - season cargo rush in March to ease the decline slope of freight rates from March to April, geopolitical tensions, and macro - economic sentiment. However, the spot market is under great pressure, and the cargo rush has no actual impact. The decline in spot prices leads the futures market to start falling [3]. - For far - month contracts, it is difficult to anchor the valuation of peak - season contracts. Shipping companies have a large operation space for price adjustment, and the open interest is not high. It is recommended to operate with caution. The valuation of the 10 contract is relatively high, and it is recommended to short on rallies [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The overall strategy is to short the 09 contract and long the 07 contract, but the valuation given by the market is relatively reasonable. The 05 contract is at the node of off - season to peak - season transition, and it is difficult to take a unilateral position. It is recommended to wait for the 4 - 5 reverse spread form [3]. 3. Summary by Relevant Catalogs Futures Contract Information - EC2604: Yesterday's closing price was 1278.6, with a decline of 3.18%, a basis of 294.9, a trading volume of 33480, an open interest of 35322, and an open interest change of 850 [2]. - EC2605: Closing price 1435.0, decline 2.97%, basis 138.5, trading volume 274, open interest 351, open interest change 41 [2]. - EC2606: Closing price 1659.0, decline 1.93%, basis - 85.5, trading volume 6533, open interest 16362 [2]. - EC2607: Closing price 1828.9, decline 1.35%, basis - 255.4, open interest 207, open interest change 8 [2]. - EC2608: Closing price 1730.3, decline 0.66%, basis - 156.8, trading volume 483, open interest 1337, open interest change 0 [2]. - EC2609: Closing price 1322.0, increase 0.53%, basis 251.5, trading volume 14, open interest 140, open interest change 0 [2]. - EC2610: Closing price 1158.2, decline 0.91%, basis 415.3, trading volume 3244, open interest 9901, open interest change 1175 [2]. - EC2612: Closing price 1444.5, decline 1.66%, basis 129.0, trading volume 28, open interest 131 [2]. - Month - spread: EC2604 - 2606 was - 380.4 (compared with - 371.0 the previous day and - 307.2 three days ago, a month - on - month decrease of 9.4 and a week - on - week decrease of 80.6); EC2604 - 2605 was - 156.4 (compared with - 158.4 the previous day and - 45.1 three days ago, a month - on - month increase of 2.0 and a week - on - week decrease of 94.0); EC2606 - 2610 was 500.8 (compared with 522.8 the previous day and 435.0 three days ago, a month - on - month decrease of 22.0 and a week - on - week increase of 88.8) [2]. Spot Market Information - Week 7 - 9: MSK opened at 1950 (a month - on - month decrease of 100), PA was around 2000, MSC was 2140, OA was 2300 US dollars. The central price was 2130 US dollars, equivalent to 1500 points on the futures market [4]. - In March, price increase announcements: Last week, MSC was the first to issue a price - increase letter, followed by CMA, COSCO, and HPL. The announced price increase for the European line was to 3000 - 3100 US dollars [4]. - Week 10: MSK opened at 1950 US dollars; MSC decreased to 2140, the same as at the end of February. OOCL's online price decreased to 2380 (a month - on - month increase of 100) [4]. - Week 11: MSK opened at 1850 US dollars (a month - on - month decrease of 100) [4]. Relevant News - On February 26, Vance said that the US "has hope" for the new round of indirect negotiations between the US and Iran but does not rule out the use of force [4]. - On February 26, a US envoy demanded that the Iran nuclear deal be made permanent [4]. - On February 26, US Secretary of State Rubio said that Iran's insistence on not discussing ballistic missiles is a "very, very serious problem" [4]. - On February 26, US media reported that US officials envisioned that Israel would fight Iran first, and then the US would intervene after Iran's counter - attack. According to Politico, two informed sources revealed that Trump's senior advisors prefer Israel to fight before the US attacks Iran. The most likely scenario is still a joint US - Israel operation [5].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current valuation of the 04 contract is neutral with limited downside potential. In the medium term, the recommended strategy is to short on rallies [3][29]. - For far - month contracts, it is difficult to anchor the valuation of peak - season contracts, and shipping companies have a large scope for price adjustment. Prudent operation is advised. The 10 - contract valuation is moderately high, and the short - on - rallies strategy should be maintained [3][29]. - For new contracts, based on historical seasonality and the valuation of old contracts, the reasonable valuation ranges for the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is to short the 09 contract and long the 07 contract, but the current valuation on the market is relatively reasonable. The 05 contract is at the node of the off - season transition, and attention should be paid to the 4 - 5 reverse spread form [3][29]. - Due to frequent capital liquidation operations before the Spring Festival holiday, significant market fluctuations are expected. Prudent operation is recommended this week [3][29]. 3. Summary by Relevant Catalogs Futures - **Contract Prices and Changes**: The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1177.9, 1275.3, 1501.0, 1719.9, 1581.0, 1240.0, 1105.0, and 1395.0 respectively, with price changes of - 0.09%, 0.18%, 0.08%, 0.08%, 0.30%, 0.40%, - 0.53%, and 1.09% [2][28]. - **Volume and Open Interest**: The trading volumes of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 17204, 84, 14185, 42, 263, 64, 4, and 125 respectively. The open interests are 33027, 214, 14185, 119, 1371, 134, 8308, and 125 respectively, with changes of - 872, - 14, 14, - 45, 7, 237, and - 2 [2][28]. - **Monthly Spreads**: The spreads of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 323.1, - 97.4, and 396.0 respectively, with daily changes of - 2.3, - 3.4, and 7.1, and weekly changes of - 23.1, and - 9.1 [2][28]. Spot (European Line) - **Spot Price and Index**: The spot price on 2026/2/9 is 1657.94, with a change of - 7.49% compared to the previous period. The SCFI index on 2026/2/6 is 1403 dollars/TEU, with a change of - 1.06% compared to the previous period [2][28]. - **Shipping Company Quotes**: In Week 7, MSK opened at 1950 (down 100 from the previous period), PA was around 2000, MSC was 2140, and OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the market. From Week 8 - 9, MSK's opening price remained at 1950 dollars. Last week, MSC issued a price - increase notice, followed by CMA, COSCO, and HPL. The European line price is expected to increase to 3000 - 3100 dollars. On Tuesday, MSK opened at 1950 dollars for the first week of March (Week 10), unchanged from the previous period [4][30]. Relevant News - On 2/11, the Iranian President stated that Iran has no intention of manufacturing nuclear weapons and is willing to accept any form of inspection. On 2/12, the Iranian Supreme Leader's advisor said that Iran is in consultation with the US to determine the time for the next round of negotiations [5][31].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In the near - term, under the influence of Maersk's stable February quotes, March rush - shipping expectations, April off - season expectations, and long - term contract price suppression, the 04 contract is expected to oscillate between 1100 - 1250 points. It is recommended to be cautious when short - selling the 04 contract, and pay attention to whether there is a significant premium on the market. In the future, focus on the PA alliance's quotes and geopolitical situations [3]. - In the long - term, it is recommended to short the 10 contract on rallies, based on the off - season and negative factors. The valuations of 06 and 08 are difficult to anchor, and they will oscillate widely within a reasonable range. Under geopolitical fluctuations, cautious operations are advised [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: The closing prices and price changes of contracts such as EC2602 (1737.8, +1.03%), EC2604 (1237.9, +4.50%), EC2606 (1533.7, +1.36%), EC2608 (1597.9, - 0.62%), and EC2610 (1128.6, - 0.12%) are presented. Their corresponding trading volumes, open interests, and open interest changes are also provided [2]. - **Month - to - Month Spreads**: The spreads between contracts like EC2502 - 2604 and EC2504 - 2606, along with their comparisons with previous days and weeks, are given. For example, the spread of EC2502 - 2604 is 499.9, with a day - on - day change of - 35.5 and a week - on - week change of 9.9 [2]. - **Indicators**: The updated frequency, release dates, and values of indicators such as the Super Crystal Index (1792.14, - 3.61% from the previous period) and SCFI (1418, - 11.10% from the previous period) are shown [2]. Spot Situation - Downstream is currently booking cargo space for early February. The overall cargo collection of ships is good, but the pressure to attract cargo has increased. The price center in Week 7 is 2140 US dollars, equivalent to 1500 points on the futures market. From Week 8 - 9, Maersk's opening price is 1950 US dollars, unchanged from the previous period, and other shipping companies' quotes remain the same for now [4]. News - On February 3, Maersk and HPL decided to resume a route of the GEMINI alliance on the Suez Canal. Starting from mid - February 2026, structural changes will be made to Maersk's ME11 service, redirecting it to the Red Sea and Suez Canal [5]. - On February 4, the Israeli Prime Minister met with a US envoy to discuss the Iran issue. The meeting lasted over three hours, and the Israeli Prime Minister expressed a firm stance on issues such as Hamas's disarmament and Gaza's demilitarization [5]. - US media reported on February 3 that an American - flagged oil tanker was approached by six Iranian gunboats in the Strait of Hormuz. The tanker continued its journey under the escort of a US warship [6].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For the EC2604 contract, attention should be paid to the spot market and actual cargo rush. Spot price drops may suppress the market, but the post - Chinese New Year cargo rush could reduce the price decline slope in March. The current valuation of EC2604 fluctuates widely within a reasonable range, and it is recommended to watch for potential correction opportunities, such as buying on dips during the spot price bottom - finding process [3][33] - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. A positive spread trading strategy is generally recommended, and also pay attention to shorting the EC2610 contract when the price rises (the current valuation of the EC2610 is neutral with limited downside) [3][33] 3. Summary by Relevant Catalogs 3.1 Contract Data - EC2602: Yesterday's closing price was 1707.6, up 0.02%, with a basis of 248.8, a trading volume of 748, an open interest of 4681, and an open interest change of -425 [2][32] - EC2604: Yesterday's closing price was 1137.7, up 0.71%, with a basis of 818.7, a trading volume of 19477, an open interest of 40770, and an open interest change of -529 [2][32] - EC2606: Yesterday's closing price was 1399.1, up 1.53%, with a basis of 557.3, a trading volume of 3227, an open interest of 4883, and an open interest change of 826 [2][32] - EC2608: Yesterday's closing price was 1498.4, up 0.83%, with a basis of 458.0, a trading volume of 128, an open interest of 1353, and an open interest change of 6 [2][32] - EC2610: Yesterday's closing price was 1086.4, up 1.09%, with a basis of 870.0, a trading volume of 1037, an open interest of 8318, and an open interest change of -29 [2][32] 3.2 Month - spread Data - EC2502 - 2604: The day - on - day change was -7.6, and the week - on - week change was -19.6 [2][32] - EC2504 - 2606: The day - on - day change was -13.1, and the week - on - week change was -71.2 [2][32] 3.3 Index Data - Spot (European Line): As of 2026/1/12, the index was 1956.39 points, up 8.94% from the previous period and 3.05% from the period before the previous one [2][32] - SCFI: As of 2026/1/16, it was 1676 dollars/TEU, down 2.50% from the previous period [2][32] 3.4 European Line Spot Situation - Week 4: MSK's opening price was 2750 (up 100 month - on - month), PA was 2400 (YML had two special offers at 2250), OA was 2700 - 2900 dollars. The central price was 2630 dollars, equivalent to 1840 points on the futures [4][34] - Week 5: MSK's opening price was 2450 (down 300 month - on - month), PA was 2400 (special offer at 2200), OA was 2700 dollars. The central price was 2540 dollars, equivalent to 1780 points on the futures [4][34] - February Week 6: MSK's opening price was 2000/2100 (down 400 month - on - month), currently OA is 2400 - 2600, PA is 2000 - 2200. The central price is about 2300 dollars, equivalent to about 1600 points on the futures [4][34] 3.5 News - On Wednesday, YML lowered its February freight rates. The FAK quote remained at 2400, and the special offer dropped from 2100 to 2000. CMA quoted a February freight rate of 2600 online. Other shipping companies remained unchanged [4][34] - On Thursday, COSCO quoted 2500 on the European line, and EMC cut its price to 2400 [4][34] - On 1/23, Israeli President Herzog said Hamas still held hostages in Gaza. The real test of the second - stage cease - fire was Hamas' withdrawal from Gaza. Hezbollah was trying to reorganize and rebuild, and the Houthi rebels were still active [5][35] - On 1/23, Trump said there were only small - scale conflicts left in ending the Gaza conflict. If Hamas didn't fulfill its promise to lay down arms, it would be finished. He also said action must be taken against Hezbollah and Lebanon [5][35] - On 1/23, the Iranian Speaker said all cities in Iran had returned to peace [5][35]