1. Industry Investment Rating - No information provided 2. Core Viewpoints - During the Spring Festival holiday, Maersk did not open new bookings for the second week of March. As of now, the online rate for 40 - foot containers in the first week of March is $1950. MSC maintains the pre - holiday quote of $2340 for 40 - foot containers in the first half of March, while other shipping companies mainly announce price increases. The online quotes for 40 - foot containers in the first half of March range from $3030 to $3393. It is expected that after the holiday, as Maersk opens bookings for the second week of March and the cargo - collection progresses, the price gap will gradually narrow [1]. - The US Supreme Court ruled that the large - scale tariff measures implemented by the Trump administration under IEEPA lacked clear legal authorization. Subsequently, Trump imposed an additional 10% tariff on global goods on top of the existing regular tariffs, which was later raised to 15%. This event will boost the market sentiment of the European routes due to the short - term weakening of the US dollar and the rebound of metals, and may strengthen the short - term rush - to - export expectation and the market expectation for shipping companies to support prices in March. However, from a traditional seasonal perspective, especially with this year's late Spring Festival, March is the month with the lightest cargo volume after the holiday. Overall, the cargo volume is insufficient, and it is likely that the freight rate will decline after the holiday [1]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest Unilateral (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1269.8 | 3.38 | 25064 (-11330) | 25845 (-5176) | 14723 | 17475 | -2752 | | EC2606 | 1636 | 6.25 | 5648 (1416) | 13960 (573) | - | - | - | | EC2608 | 1694 | 5.45 | 957 (505) | 1402 (0) | - | - | - | | EC2610 | 1137.2 | 0.99 | 1729 (499) | 7931 (-159) | - | - | - | | EC2612 | 1380.5 | -1.44 | 10 (-5) | 123 (1) | - | - | - | | Total | - | - | 33408 | 49261 | 14723 | 17475 | -2752 | [2] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1573.51 | -2.1% | 1607.27 | -3.1% | 1657.94 | -7.5% | | | SCFI - $/TEU | 1361 | -3.0% | 1403 | -1.1% | 1418 | -11.1% | | Spot Freight Rate | TCI(20GP) $/TEU | 1568 | 0.0% | 1568 | 0.0% | 1568 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2630 | 0.0% | 2630 | 0.0% | 2630 | 0.0% | [4] 3.3 Basis Spread (Points) - The basis of the previous trading day was 388.14, and the basis of the day before the previous trading day was 399.04, with a MoM change of - 10.9 [6]

Group 1: Report's Core View - The spot freight rate for large containers in the European container shipping line is expected to remain around $2,080 at the end of February, corresponding to about 1,400 points, and the actual discount margin has narrowed. The spot market has limited drivers for speculation due to the expected off - season. Maersk's cabin opening for the first week of March at a flat price of $1,900 may indicate the falsification of price - support efforts, but the market is expected to be volatile before the holiday. After the holiday, it will be the verification period for the rush - export of photovoltaic products and the actual implementation of the March price increase letters. Pay attention to the potential falsification of expectations from the spot market after the holiday [1] Group 2: EC Contract Volume and Price - EC2604: The latest transaction price is 1,258.9 points, with a daily increase of 6.4%. The trading volume is 36,394 (a change of 19,190 from the previous period), and the open interest is 31,021 (a decrease of 2,006 from the previous period). The net long position of the top 20 members is - 2,767 [2] - EC2606: The latest transaction price is 1,566.1 points, with a daily increase of 4.78%. The trading volume is 4,232 (an increase of 577 from the previous period), and the open interest is 13,387 (a decrease of 798 from the previous period) [2] - EC2608: The latest transaction price is 1,632 points, with a daily increase of 3.11%. The trading volume is 452 (an increase of 189 from the previous period), and the open interest is 1,402 (an increase of 31 from the previous period) [2] - EC2610: The latest transaction price is 1,131.1 points, with a daily increase of 1.69%. The trading volume is 1,230 (an increase of 276 from the previous period), and the open interest is 8,090 (a decrease of 218 from the previous period) [2] - EC2612: The latest transaction price is 1,425.4 points, with a daily increase of 2.89%. The trading volume is 15 (an increase of 6 from the previous period), and the open interest is 122 (a decrease of 3 from the previous period) [2] - Total: The total trading volume is 42,323, and the total open interest is 54,022. The net long position of the top 20 members is - 2,767 [2] Group 3: Latest Spot Freight Rates - European Routes - Weekly Spot Index: SCFIS is 1,657.94 points, with a week - on - week decrease of 7.5%; SCFI is $1,403/TEU, with a week - on - week decrease of 1.1% [4] - Daily Spot Freight Rates: TCI(20GP) is $1,568/TEU, with no change; TCI(40GP) is $2,630/FEU, with no change [4] - Basis Spread: The basis spread of the previous trading day is 399.04 points, a decrease of 81 points from the day before the previous trading day [4]

2026/2/9 最新观点 集运欧线数据日报 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 集运欧线：上周五EC上涨2.85%。盘后公布的SCFI欧线为1403美元/TEU，环比下跌15美元/TEU，基本对应于 02.09-02.15期间的欧线订舱价，反映2月第二周运价的继续下行。整体来看，2月现货运价延续下行为主，春 节当周大柜均价在2050美元左右，测算下来当前市场高点和现货基本持平，贴水幅度收窄，2月现货层面可博 弈的驱动相对有限。目前统计到春节停航主要集中在第9周和第10周，3月第一周运价或较为关键，一方面是 MSC率先提涨后，其他船司的跟涨情况或很大程度上传递船司节后的挺价意愿及3月运价会否跌穿大柜2000美 元，另一方面则是光伏等产品的抢出口会否带来节后货量没那么平淡及对船司挺价信心的支撑，重点关注后续 船司涨价函的公布情况。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given documents 2. Core View - The spot freight rate for the European container shipping line will continue to decline before the Spring Festival. The average price of 40 - foot containers in the third week of February is expected to drop to around $2080, and the market still has a discount of about 200 points. There is relatively little room for real - level gaming, and the gaming is more focused on the expectation level. The market is highly correlated with the sentiment of the commodity market, and the intraday impact of commodity sentiment on EC should be noted. The key event at the expectation level is the pre - April 1 rush to export products such as photovoltaic, which may lead to an increase in the listed price of shipping companies, stabilize or slightly increase freight rates, but it is difficult to cause full - load cabins during the post - festival off - season. Attention should be paid to the release of shipping companies' price increase notices, which may prove or disprove expectations [1] 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1737.8 | 1.15 | 612 (318) | 1883 (- 456) | 1409 | 1652 | - 243 | | EC2604 | 1237.9 | 5.22 | 29296 (- 3522) | 34229 (423) | 19239 | 21845 | - 2606 | | EC2606 | 1533.7 | 2.57 | 3147 (- 2797) | 13458 (860) | 0 | 0 | 0 | | EC2608 | 1597.9 | 1.32 | 353 (- 778) | 1479 (29) | | | | | EC2610 | 1128.6 | 1.37 | 1355 (- 1149) | 7677 (- 207) | | | | | EC2612 | 1439 | 3.18 | 29 (- 11) | 128 (7) | | | | | Total | - | - | 34792 | 58854 | 20648 | 23497 | - 2849 | [2] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1792.14 | - 3.6% | 1859.31 | - 4.9% | 1954.19 | - 0.1% | | | SCFI - $/TEU | 1418 | - 4.8% | 1595 | - 2.5% | 1676 | 1.7% | | Spot Freight Rate | TCI(20GP) $/TEU | 1551 | - 3.3% | 1604 | - 3.3% | 1660 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2636 | - 3.3% | 2725 | - 2.4% | 2793 | 0.0% | [4] 3.3 Basis Spread - The basis of the previous trading day was 554.24 points, and the basis of the day before the previous trading day was 607.54 points, with a MoM change of - 53.3 points. There are also trend charts for the basis of the main container shipping European line futures contract and the spreads between different contracts [6]

Group 1: Report's Core View - The spot freight rate for the European container shipping line will continue to decline before the holiday, with limited room for actual trading and more potential for trading based on expectations [1]. - The pre - April 1 export rush of products like photovoltaics may lead to an increase in the listed price of shipping companies, a stable or slightly rising freight rate, and bring real - world drivers to the market. Attention should be paid to the announcement of shipping companies' price increase letters [1]. Group 2: EC Contract Volume and Price - EC2602 has a latest成交价 of 1716.7 points, a latest涨跌幅 of - 0.02%, with a trading volume of 453 and a unilateral open interest of 2551. The net long position of the top 20 members is - 185 [2]. - EC2604 has a latest成交价 of 1227 points, a latest涨跌幅 of - 1.55%, with a trading volume of 25237 and a unilateral open interest of 35881. The net long position of the top 20 members is - 2200 [2]. - EC2606 has a latest成交价 of 1542.8 points, a latest涨跌幅 of - 0.57%, with a trading volume of 5606 and a unilateral open interest of 12303. The net long position of the top 20 members is 0 [2]. - EC2608 has a latest成交价 of 1607 points, a latest涨跌幅 of - 1.54%, with a trading volume of 694 and a unilateral open interest of 1594 [2]. - EC2610 has a latest成交价 of 1122.5 points, a latest涨跌幅 of - 2.21%, with a trading volume of 2674 and a unilateral open interest of 8134 [2]. - EC2612 has a latest成交价 of 1435 points, a latest涨跌幅 of 0.61%, with a trading volume of 18 and a unilateral open interest of 137 [2]. - The total trading volume of all contracts is 34682, and the total unilateral open interest is 60600. The net long position of the top 20 members is - 2385 [2]. Group 3: Latest Spot Freight Rates - European Routes - The weekly SCFIS is 1859.31 points, with a环比涨跌幅 of - 4.9%. The SCFI is 1418 $/TEU, with a环比涨跌幅 of - 4.8% [4]. - The daily TCI(20GP) is 1682 $/TEU, with a环比涨跌幅 of 0.3%. The TCI(40GP) is 2837 $/FEU, with a环比涨跌幅 of 0.4% [4]. Group 4: Basis and Spread - The basis for the previous trading day was 632.31 points, and for the day before the previous trading day was 609.61 points, with a环比变化 of 22.7 [6]. - The spread between different contracts (EC2604 - EC2602, EC2606 - EC2604, etc.) has different trends [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The EC of container shipping to Europe has dropped by 0.11%. Due to the approaching Spring Festival, shipping companies face increasing pressure to secure cargo and need to build rolling spaces for the holiday. Led by Maersk's price cut, pre - holiday freight rates have entered the traditional off - season decline channel. However, the market's focus is on the potential price increase after the Spring Festival due to the rush to transport photovoltaic products. The 04 contract is about 300 points lower than the spot price, and the low valuation supports the market. In 2025, shipping companies announced price increases in March and April, and this year there is an additional rush of exports of photovoltaic products. Before seeing the shipping companies' price - increase plans or a substantial increase in cargo volume from the export rush, the 04 contract is expected to fluctuate [2]. 3. Summary by Relevant Catalog Contract Volume and Price - **EC2602**: The latest trading price is 1717.5 points, with a decline of 0.47%. The trading volume is 984 (a decrease of 419 compared to the previous period), and the single - sided open interest is 3495 (a decrease of 730 compared to the previous period). The net long position of the top 20 members is - 85 [3]. - **EC2604**: The latest trading price is 1193.9 points, with a decline of 0.11%. The trading volume is 25043 (a decrease of 18129 compared to the previous period), and the single - sided open interest is 38647 (a decrease of 3043 compared to the previous period). The net long position of the top 20 members is - 2611 [3]. - **EC2606**: The latest trading price is 1442.2 points, with a decline of 0.24%. The trading volume is 2566 (a decrease of 1917 compared to the previous period), and the single - sided open interest is 7912 (an increase of 588 compared to the previous period). The net long position of the top 20 members is 0 [3]. - **EC2608**: The latest trading price is 1528.4 points, with an increase of 0.82%. The trading volume is 248 (a decrease of 366 compared to the previous period), and the single - sided open interest is 1482 (a decrease of 33 compared to the previous period) [3]. - **EC2610**: The latest trading price is 1112 points, with an increase of 0.29%. The trading volume is 1010 (a decrease of 1138 compared to the previous period), and the single - sided open interest is 8511 (a decrease of 54 compared to the previous period) [3]. - **EC2612**: The latest trading price is 1374.7 points, with an increase of 0.50%. The trading volume is 23 (a decrease of 15 compared to the previous period), and the single - sided open interest is 123 (a decrease of 1 compared to the previous period) [3]. - **Total**: The total trading volume is 29874, and the total single - sided open interest is 60170. The net long position of the top 20 members is - 2696 [3]. Spot Freight Rates - **Weekly Spot Index**: The SCFIS is 1859.31 points, with a decline of 4.9% compared to the previous period; the SCFI is $1595/TEU, with a decline of 2.5% compared to the previous period [3]. - **Daily Spot Freight Rates**: The TCI(20GP) is $1688/TEU, with an increase of 0.3% compared to the previous period; the TCI(40GP) is $2837/FEU, with an increase of 0.4% compared to the previous period [3]. Basis and Spread - The basis of the previous trading day is 665.41, and the basis of the day before the previous trading day is 659.11, with a change of 6.3 [4]. - Information on the spreads between different contracts such as EC2604 - EC2602, EC2606 - EC2604, etc. is presented in the form of a chart [4].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The SCFIS European line index decreased by 4.9% to 1859.31 points, which is the first - phase delivery settlement price of the EC2602 contract. As the Spring Festival approaches, shipping companies face increasing cargo - booking pressure, and pre - holiday freight rates enter the traditional off - season decline channel under Maersk's lead in price cuts. However, the market's focus is on the potential freight rate increase after the Spring Festival due to the rush of photovoltaic product exports. The 04 contract is currently at a discount of about 300 points to the spot, and the low valuation supports the market. Considering the price increase announcements by shipping companies in March and April 2025 and the expected rush of photovoltaic exports this year, the market is not pessimistic about post - holiday freight rates. Before seeing shipping companies' price - increase plans or a substantial increase in cargo volume from the export rush, the 04 contract is expected to fluctuate, and attention should be paid to Maersk's new cabin openings [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - **EC2602**: The latest成交价 is 1726.7 points, with a latest涨跌幅 of 0.76%. The成交量 is 565 (a 33 - unit increase), and the持仓量单边 is 4225 (a 176 - unit decrease). The net long position of the top 20 members is - 77 [2]. - **EC2604**: The latest成交价 is 1200.2 points, with a latest涨跌幅 of 5.46%. The成交量 is 43172 (a 12391 - unit increase), and the持仓量单边 is 41690 (a 541 - unit increase). The net long position of the top 20 members is - 2007 [2]. - **EC2606**: The latest成交价 is 1447.6 points, with a latest涨跌幅 of 3.47%. The成交量 is 4483 (a 7 - unit increase), and the持仓量单边 is 7324 (a 1533 - unit increase). The net long position of the top 20 members is 0 [2]. - **EC2608**: The latest成交价 is 1524 points, with a latest涨跌幅 of 1.61%. The成交量 is 614 (a 396 - unit increase), and the持仓量单边 is 1515 (a 172 - unit increase) [2]. - **EC2610**: The latest成交价 is 1114.2 points, with a latest涨跌幅 of 2.34%. The成交量 is 2148 (a 620 - unit increase), and the持仓量单边 is 8565 (a 195 - unit increase) [2]. - **EC2612**: The latest成交价 is 1373.5 points, with a latest涨跌幅 of 0.91%. The成交量 is 38 (a 15 - unit decrease), and the持仓量单边 is 124 (a 3 - unit increase) [2]. - **Total**: The total成交量 is 51020, and the total持仓量 is 63443. The net long position of the top 20 members is - 2084 [2]. Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS index is 1859.31 points, down 4.9% from the previous period; the SCFI is $1595/TEU, down 2.5% from the previous period [4]. - **Daily Spot Freight Rates**: The TCI (20GP) is $1682/TEU, with no change; the TCI (40GP) is $2826/FEU, with no change [4]. Basis Spread - The previous trading - day basis was - 61.9 points, and the basis two trading days ago was 753.99 points, showing a change of - 815.89 points [6].

集运欧线数据日报 2026/1/26 最新观点 集运欧线：上周五EC下跌0.1%。盘后公布的SCFI欧线为1595美元/TEU，环比下跌81美元/TEU，基本对应于 01.26-02.01期间的欧线订舱价，反映1月底船司运价的继续下调。考虑到春节逐渐临近，揽货压力也将逐渐增 加，同时也需为春节假期期间搭建滚动舱位，节前运价进入淡季下降通道。由于光伏等产品出口退税政策调整 或引发4月1日前相关产品的抢出口，带来淡季货量的相对韧性，再加上2025年3月4月船司曾表价宣涨挺价，市 场对于4月运价估值并没有很悲观。参考去年8月9月的抢出口对运价的对冲程度以及抢出口集中大量出货的滞 后可能性，再加上最新船期统计1月底至节前运力投放仍相对充裕，节前或偏向运行偏弱，关注后续出口抢运 情况以及马士基的新开舱。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 | 持仓量单边 | 多单持仓 | 空单持仓 | 净多持仓 | | | （点） | （%） | 环比变化 | 环比变化 ...

集运欧线数据日报 2026/1/22 最新观点 集运欧线：EC下跌0.04%。马士基新开舱2月第一周，至鹿特丹AE1航线大柜报价2000美元，环比下降400美元， AE2和AE3大柜报价2100美元，马士基节前加速降价揽货。考虑到春节逐渐临近，揽货压力也将逐渐增加，同时 也需为春节假期期间搭建滚动舱位，节前运价预计进入加速下行通道。由于光伏等产品出口退税政策调整或引 发4月1日前相关产品的抢出口，带来淡季货量的相对韧性，再加上2025年3月4月船司曾表价宣涨挺价，市场对 于4月运价估值并没有很悲观。参考去年8月9月的抢出口对运价的对冲程度以及抢出口集中大量出货的滞后可 能性，再加上最新船期统计1月下半月至节前运力投放仍相对充裕，节前或偏向运行偏弱，关注后续出口抢运 情况以及PA、OA联盟的跟降情况。 | | | | | EC合约量价 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 最新成交价 | 最新涨跌幅 | 成交量 | 持仓量单边 | 多单持仓 | 空单持仓 | 净多持仓 | | | （点） | （%） | 环比变化 | 环 ...

IICE FRIE 投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钊毅 数据来源：Clarksons、Wind | c | C L | C T 1 | | --- | --- | --- | | J C | LU | H | | | Company of the control of the consideration of the 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 综合指数SCFI | 指数CCFI | | | | | | 業 | 现值 | 1403 | 1122 | 1632 | 94 | 2428 | 1404 | | | 前值 | 1394 | 1123 | 1645 | 1107 | 2384 | 1367 | | 运 | 涨跌幅 | 0.69% | -0.09% | -0.79% | -14.29% | 1.85% | 2 ...