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]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The spot freight rates in February continued to decline. The average price of 40 - foot containers during the Spring Festival week was around $2050, and the current market high is basically the same as the spot price, with the discount narrowing. There is relatively limited driving force for the spot market in February [1]. - The freight rates in the first week of March are crucial. On one hand, after MSC took the lead in raising prices, whether other shipping companies will follow up will largely reflect their willingness to support prices after the Spring Festival and whether the freight rates in March will fall below $2000 for 40 - foot containers. On the other hand, whether the rush - export of products such as photovoltaic will bring non - dull post - festival cargo volume and support the shipping companies' confidence in price support. Attention should be paid to the subsequent release of shipping companies' price increase letters [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Change Rate (%) | Trading Volume (Change) | Open Interest (Change) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1739.9 | - 0.14 | 223 (- 57) | 1429 (- 173) | 1160 | 1275 | - 115 | | EC2604 | 1231.2 | - 2.85 | 29451 (- 14543) | 31427 (- 3234) | 17917 | 21762 | - 3845 | | EC2606 | 1531 | - 1.63 | 4900 (- 966) | 14812 (- 76) | 0 | 0 | 0 | | EC2608 | 1613.2 | - 0.36 | 482 (- 106) | 1387 (- 53) | | | | | EC2610 | 1119 | - 1.31 | 1114 (- 646) | 7878 (- 272) | | | | | EC2612 | 1415 | - 0.69 | 12 (- 2) | 139 (2) | | | | | Total | - | - | 36182 | 57072 | 19077 | 23037 | - 3960 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Change Rate (%) | Previous Period | Change Rate (%) | Two Periods Ago | Change Rate (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1792.14 | - 3.6 | 1859.31 | - 4.9 | 1954.19 | - 0.1 | | | SCFI - $/TEU | 1403 | - 1.1 | 1418 | - 11.1 | 1595 | - 4.8 | | Spot Freight Rates | TCI(20GP) $/TEU | 1551 | 0.0 | 1551 | 0.0 | 1551 | - 3.3 | | (Daily) | TCI(40GP) $/FEU | 2636 | 0.0 | 2636 | 0.0 | 2636 | - 3.3 | [4] Basis Spread The basis of the previous trading day was 560.94 points, and that of the day before the previous trading day was 523.94 points, with a change of 37 points. There are also trend charts of the basis of the main contract of container shipping European line futures and the spreads between different contracts [6].

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].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - Last Friday, EC dropped by 0.1%. The SCFI European line price announced after the market was $1,595/TEU, a decrease of $81/TEU from the previous period, indicating a continued reduction in shipping rates by carriers at the end of January. As the Spring Festival approaches, the pressure to secure cargo will increase, and carriers need to build rolling space for the holiday. Thus, pre - holiday shipping rates are entering a downward channel in the off - season. However, due to the adjustment of export tax - rebate policies for products like photovoltaics, there may be a rush to export related products before April 1st, bringing relative resilience to off - season cargo volume. Considering that carriers announced price hikes in March and April 2025, the market is not overly pessimistic about April shipping rates. Given the hedging effect of the export rush in August and September last year, the possible lag in large - scale concentrated shipments, and the relatively abundant capacity from the end of January to the pre - holiday period, the market may be weak before the holiday. Attention should be paid to the subsequent export rush and Maersk's new space openings [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Change Rate (%) | Trading Volume (Change) | Open Interest (Change) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1717.7 | 0.61 | 532 (-216) | 4401 (-280) | 3122 | 3273 | -151 | | EC2604 | 1138.3 | -0.10 | 30781 (11304) | 41149 (379) | 22932 | 25495 | -2563 | | EC2606 | 1412.9 | 1.40 | 4476 (1249) | 5791 (908) | 0 | 0 | 0 | | EC2608 | 1495.5 | -0.62 | 218 (90) | 1343 (-10) | | | | | EC2610 | 1093 | 1.28 | 1528 (491) | 8370 (52) | | | | | EC2612 | 1338.5 | -0.28 | 53 (20) | 121 (-7) | | | | | Total | - | - | 37588 | 61175 | 26054 | 28768 | -2714 | [2] Latest Spot Shipping Rates - European Routes | Spot Index | Indicator | Latest Period | Change Rate from Previous Period | Previous Period | Change Rate from Previous Period | Two Periods Ago | Change Rate from Previous Period | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1954.19 | -0.1% | 1956.39 | 8.9% | 1795.83 | 3.1% | | | SCFI - $/TEU | 1595 | -2.5% | 1676 | 1.7% | 1719 | 0.0% | | Spot Shipping Rates | TCI(20GP) $/TEU | 1749 | 0.0% | 1749 | 0.0% | 1749 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2943 | 0.0% | 2943 | 0.0% | 2943 | 0.0% | [4] Basis Spread (Points) - The basis spread on the previous trading day was 815.89 points, and on the day before the previous trading day was 816.49 points, with a change of - 0.6 points [6].

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The EC of container shipping to European lines dropped 0.04%. Maersk opened new shipping spaces in the first week of February, with the price of 40 - foot containers on the AE1 route to Rotterdam at $2000, a $400 decrease from the previous period. The prices of 40 - foot containers on AE2 and AE3 routes are $2100, indicating that Maersk is accelerating price cuts to attract cargo before the Spring Festival. With the approaching Spring Festival, the pressure to attract cargo will increase, and pre - festival freight rates are expected to enter an accelerated downward channel. Due to the adjustment of export tax rebate policies for products like photovoltaics, there may be a rush to export relevant products before April 1st, bringing relative resilience to off - season cargo volume. Considering last year's experience of the impact of the rush to export on freight rates and the relatively abundant capacity supply from mid - January to the pre - festival period, the market may operate weakly before the Spring Festival. Attention should be paid to the subsequent export rush and the price - cutting actions of the PA and OA alliances [1] 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price - EC2602: The latest trading price is 1707.2 points, down 0.60%. The trading volume is 778, a decrease of 932 from the previous period, and the open interest is 5106, a decrease of 469. The net long position of the top 20 members is - 237 [2] - EC2604: The latest trading price is 1129.7 points, down 0.04%. The trading volume is 22099, a decrease of 8487, and the open interest is 41299, a decrease of 512. The net long position of the top 20 members is - 1456 [2] - EC2606: The latest trading price is 1378 points, up 3.01%. The trading volume is 3489, an increase of 766, and the open interest is 4057, an increase of 130. The net long position of the top 20 members is 0 [2] - EC2608: The latest trading price is 1486.1 points, up 0.94%. The trading volume is 161, an increase of 49, and the open interest is 1347, a decrease of 4 [2] - EC2610: The latest trading price is 1074.7 points, up 0.98%. The trading volume is 1473, a decrease of 671, and the open interest is 8347, a decrease of 205. [2] - EC2612: The latest trading price is 1326.7 points, up 0.58%. The trading volume is 32, a decrease of 8, and the open interest is 130, unchanged from the previous period [2] - Total: The total trading volume is 28032, and the total open interest is 60286. The total net long position of the top 20 members is - 1693 [2] 3.2 Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1954.19 points, down 0.1%; the SCFI is $1676/TEU, down 2.5% [4] - **Daily Spot Freight Rates**: The TCI (20GP) is $1749/TEU, unchanged; the TCI (40GP) is $2943/FEU, unchanged [4] 3.3 Basis Spread and Contract Spread - The basis of the previous trading day is 824.49 points, and that of the day before the previous trading day is 841.59 points, with a decrease of 17.1 points. The report also presents the basis trend of the main container shipping to European lines futures contract and the spread between different contracts [6]

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The market for container shipping on the European route in December contracts is in the delivery month, and the market is verifying previous expectations. Although there are some signs supporting the bulls (such as price increase notices), the overall market is still suppressed by the downward adjustment expectation. The key to the future trend lies in the final announcement of the "late - month freight rates", especially the freight rate performance in the middle and late December. The recommended strategy is to wait and see as the December contract is gradually losing trading value [10]. 3. Summary by Directory 3.1 Shipping Freight Index - **Comprehensive Index**: The current value of the Shanghai Export Container Freight Index (SCFI) is 1403, with a 0.69% increase from the previous value of 1394; the China Export Container Freight Index (CCFI) is 1122, with a - 0.09% decrease from the previous value of 1123 [6]. - **Regional Index**: SCFI - US West is 1632, down 0.79% from 1645; SCFIS - US West is 94, down 14.29% from 1107; SCFI - US East is 2428, up 1.85% from 2384; SCFI - Northwest Europe is 1404, up 2.71% from 1367; SCFIS - Northwest Europe is 1483, down 9.52% from 1639; SCFI - Mediterranean is 2232, up 8.61% from 2055 [6]. - **Futures Contracts**: For EC series contracts (EC2506, EC2608, EC2610, EC2512, EC5602, EC2604), the current values are 1254.5, 1380.1, 1042.2, 1653.5, 1540.1, 1083.1 respectively, with corresponding increases of 1.73%, 0.38%, 0.93%, 1.22%, 0.38%, 1.03% compared to the previous values [6]. - **Positions**: For EC series contracts' positions (EC2606, EC2608, EC2610, EC2512, EC2602, EC2604), the current values are 2167, 1577, 3889, 3813, 35008, 18997 respectively, with changes of 13, - 18, - 57, - 216, - 1354, - 156 compared to the previous values [6]. - **Monthly Spread**: The current values of 12 - 02, 12 - 04, 02 - 04 monthly spreads are 113.4, 570.4, 457.0 respectively, with changes of 14.0, 8.9, - 5.1 compared to the previous values [6]. 3.2 Market News - Maersk and Hapag - Lloyd have no specific time to adjust the "Gemini" east - west route. They are closely monitoring the situation in the Gaza region due to the cease - fire progress and have no specific schedule to change the route to pass through the Red Sea [7]. - CMA CGM refused to comment on fully returning to the Red Sea route. Although its self - operated ships' return trips seem to be 0% fully resumed, the more important west - bound first - leg resumption has not increased [7]. - The Chairman of the Suez Canal Authority, Osama Rabie, said that the Suez Canal is expected to fully restore ship traffic volume and normalize revenue by the end of 2026 [7]. - Bloomberg reported that Beijing has expressed concerns to Malaysia and Cambodia about their recent agreements with Washington and warned them to respect China's concerns [7]. 3.3 Market Quotes - The market trend of EC is volatile. The offer price is 2450. The spot prices in early December are: NSK offers 2500, HPL offers 2350, 00CL offers 2300, CMA offers 3550, EMC offers 3100, ONE offers 2450, and MSC's price is not clearly stated [10].