Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The container shipping index (European line) is undergoing a phased adjustment. It is recommended to hold the 10 - 12 reverse spread. For the short - term, it is advisable to wait and see for the near - term contracts, and pay attention to the opportunity of short - selling at high prices for the 2510 contract in the medium - to - long term [20]. - The EC2506 contract fluctuates within a range close to the spot freight. The EC2508 contract is difficult to value due to the shipping companies' price hikes in June and July and the subsequent freight decline after the peak season. It is more driven by market factors. The 10 - month contract is in the traditional off - season, and there may be opportunities to short - sell at high prices [20]. 3. Summary by Relevant Contents 3.1 Fundamental Data of Container Shipping Index (European Line) - **Futures Prices**: The main contract EC2508 closed at 2085.0 points, down 5.81%; the secondary main contract EC2506 closed at 1841.5 points, up 0.36%; EC2510 closed at 1379.0 points, down 5.48% [1]. - **Freight Index**: The SCFIS European route index was 1247.05 points, down 1.4%; the SCFIS US - West route index was 1719.79 points, up 18.9%. The SCFI European route was $1317/TEU, up 14.1%; the SCFI US - West route was $3275/FEU, up 6.0% [1]. - **Spot Freight**: In the 23rd week, the actual increase in European line freight was about $750/FEU, with the average FAK freight of major shipping companies around $2500/FEU, equivalent to about 1750 points on the SCFIS index. In the 24th week, the freight is likely to remain stable. In the second half of June, there are new ship deployments, and the OA alliance still has the expectation of price hikes [15]. - **Exchange Rates**: The US dollar index was 98.99, and the US dollar against the offshore RMB was 7.17 [1]. 3.2 Shipping Capacity - **European Line**: In July, the demand is likely to recover month - on - month, with an average increase of about 4% in export volume compared to June. If undetermined voyages are not considered, the weekly average shipping capacity in July is about 297,000 TEU, similar to that in June [16]. - **US Line**: The weekly average shipping capacity in June increased by 20% compared to May. There is an expectation of rush - shipping from June to July, and there is a possibility that the peak season may be advanced this year [19]. 3.3 Macro and Industry News - A new Gaza cease - fire agreement may include "partial withdrawal" of the Israeli army. The container shipping index opened high and closed low yesterday [14]. - There are different statements about whether Hamas has accepted the cease - fire proposal, and the negotiation is still ongoing [17].

2025 年 5 月 22 日 商 品 研 究 集运指数（欧线）：短期偏弱，10-12 反套持有 | 黄柳楠 | 投资咨询从业资格号：Z0015892 | huangliunan@gtht.com | | --- | --- | --- | | 郑玉洁 | 投资咨询从业资格号：Z0021502 | zhengyujie@gtht.com | 【基本面跟踪】 研 究 所 期货研究 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | EC2506 | 1,677.2 | -2.76% | 31,117 | 25,907 | 352 | 1.20 | 1.13 | | | EC2508 | 2,121.1 | -7.18% | 100,512 | 53,036 | 1,266 | 1.90 | 1.51 | | | EC2510 | 1,419.6 | -2.39% | 15,589 ...

2025 年 5 月 19 日 集运指数（欧线）：高位震荡，6-8 反套、10-12 反套持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 请务必阅读正文之后的免责条款部分 1 期货研究 41 商 品 研 究 研 究 所 期货研究 | | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | EC2506 | 1,685.0 | -6.37% | 71,025 | 34,207 | -4,355 | 2.08 | 2.82 | | | EC2508 | 2,280.0 | -1.96% | 80,677 | 48,759 | 245 | 1.65 | 1.90 | | | EC2510 | 1,445.0 | -4.70% | 25,430 | ...

2025 年 5 月 16 日 集运指数（欧线）：震荡偏强，6-8 反套、10-12 反套持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | EC2506 | 1,787.3 | 8.72% | 108,778 | 38,562 | 6 1 | 2.82 | 3.04 | | | EC2508 | 2,359.3 | 12.43% | 91,956 | 48,514 | 2,731 | 1.90 | 1.83 | | | EC2510 | 1,464.7 | -4.68% | 36,272 | 24,456 | 578 | 1.48 | 2.02 | | | | 本 期 | | 2025 ...

2025 年 5 月 14 日 请务必阅读正文之后的免责条款部分 1 集运指数（欧线）：短期偏强，6-8 反套、10-12 反套持有 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | EC2506 | | 1,465.2 | 5.79% | 90,746 | 36,838 | -561 | 2.46 | | 2.19 | | | EC2508 | | 1,896.0 | 12.38% | 66,058 | 40,901 | 1,438 | 1.62 | | 1.21 | | | EC2510 | | 1,410.3 | 1.34% | 25,388 | 19,6 ...