1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Since January, the Container Shipping Index (European Line) has been in a volatile market. The main 2604 contract mostly oscillated between 1100 - 1300 points, reflecting the game between the seasonal off - season and the expectation of price increases during the off - season. The final delivery settlement price of the 2602 contract on February 9th was 1769.80 points, basically fulfilling the view mentioned in the December 21st weekly report [10]. - In the spot market, pre - holiday freight rates remained flat, with the FAK central point around $2050/FEU (equivalent to about 1450 points on the SCFIS index). Some shipping companies announced price increases for the first half of March. The expected implementation range of the price increase is between $0 - 500/FEU. The opening price of Maersk in the 10th week can be used as a leading indicator [11]. - For the 2604 contract, compared with the 2504 contract, there is an additional story of photovoltaic rush - export. However, the weak balance of supply and demand from March to April is difficult to change, and there may be fluctuations on a weekly basis, with freight rates potentially showing a high - then - low pattern within a month. Observe whether Maersk's opening price will confirm or refute the March GRI. In the long - term, also pay attention to the possibility of the April GRI. Strategically, wait for the GRI positive news to fade and then short at high prices. The top pressure level for the 04 contract refers to the 2504 delivery settlement price, approximately 1450 points [11]. - For the 2610 contract, the upper pressure level refers to the 2510 contract delivery settlement price of 1161 points. Strategically, continue to hold short positions appropriately during the holiday [11]. - Newly listed contracts on Tuesday: The listing benchmark price of EC2605 is 1235.4 points; EC2607 is 1537.3 points; EC2609 is 1609.5 points, with a daily limit of 30%. Considering that July is a relatively peak season and September is a relatively off - season, historically, the probability that the freight rate central point in July is higher than that in September is very high. Strategically, enter a long - short spread position between July and September with a light position [12]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of EC2604 is 1238.0, with a daily decline of 0.39%, trading volume of 14,384, and open interest of 31,132, a decrease of 295. The trading volume to open interest ratio is 0.46, compared with 0.94 the previous day. The closing price of EC2606 is 1553.0, with a daily decline of 0.03%, trading volume of 2,206, and open interest of 14,726, a decrease of 86. The trading volume to open interest ratio is 0.15, compared with 0.33 the previous day [1]. - **Freight Rate Index**: The SCFIS for the European route is 1657.94 points, with a weekly decline of 7.5%; the SCFIS for the US - West route is 1155.66 points, with a weekly increase of 4.9%. The SCFI for the European route is $1403/TEU, with a bi - weekly decline of 1.1%; the SCFI for the US - West route is $1801/FEU, with a bi - weekly decline of 3.5% [1]. - **Ocean Freight**: Different carriers have different shipping schedules and freight rates from Shanghai to Rotterdam. For example, Maersk's ETD is February 26, 2026, ETA is April 7, 2026, the voyage is 39 days, and the freight rates are $1900 for 40' GP and $1200 for 20' GP [1]. - **Exchange Rate**: The US dollar index is 96.86, and the US dollar to offshore RMB exchange rate is 6.93 [1]. 3.2 China - Europe Base: Shipping Capacity - **Weekly Shipping Capacity**: The chart shows the weekly shipping capacity from 2024 - 2026. Note that the undetermined voyages in April 2026 are not included in the shipping capacity statistics [7]. - **2 - 4 Month Shipping Schedule**: In February, there are 11 empty sailings; in March, there are 8 empty sailings and 3 additional sailings; in April, there are 2 empty sailings and 2 specific sailings. The data is updated on February 8, 2026 [8]. 3.3 Macro News - The Israeli military continues to launch raids in multiple areas of the West Bank. - White House officials said that US President Trump clearly stated that he does not support Israel's annexation of the West Bank. - The US Maritime Administration advised US ships to stay away from Iranian waters as much as possible. - The Turkish Foreign Minister said that the US and Iran are both having "sincere negotiations" and "delaying time". - According to the head of the Iranian Atomic Energy Organization, Tehran can dilute its highly enriched uranium in exchange for the lifting of all sanctions. - The Iranian Foreign Minister said that the US actions have created a "wall of distrust" in Iran towards the US, and Tehran is seeking substantial negotiations to reach an agreement. - According to the Iranian Tasnim News Agency, the advisor to Iran's Supreme Leader Khamenei, Larijani, will visit Oman on Tuesday after having nuclear negotiations with the US in the previous few days [9].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - Since February - March, slaughter volume has been rising, prices have been relatively strong, and pig weight has increased. High feed data year - on - year confirms the inventory accumulation logic. With a high empty - pen rate among retail farmers this year and many waiting for price entry, the current inverted spread between fat and standard pigs may stimulate the resale of second - fattened pigs, which is negative for the May contract. However, the next price decline space is limited, and the second inventory accumulation rhythm is expected to be quickly realized, with the July contract more likely to reflect this logic. There is allocation space for the 7 - 9 or 7 - 11 calendar spread. Attention should be paid to setting stop - loss and take - profit levels. The short - term support level for the LH2505 contract is 12,000 yuan/ton, and the pressure level is 14,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 14,570 yuan/ton, Sichuan is 14,650 yuan/ton, and Guangdong is 15,700 yuan/ton [2]. - **Futures Prices**: The price of the pig 2505 contract is 13,535 yuan/ton (up 80 yuan year - on - year), the 2507 contract is 13,590 yuan/ton (up 65 yuan year - on - year), and the 2509 contract is 14,110 yuan/ton (up 65 yuan year - on - year) [2]. - **Trading Volume and Open Interest**: For the 2505 contract, the trading volume is 36,312 lots (up 6,875 lots from the previous day), and the open interest is 70,231 lots (up 1,708 lots from the previous day); for the 2507 contract, the trading volume is 4,575 lots (down 3,159 lots from the previous day), and the open interest is 33,123 lots (up 157 lots from the previous day); for the 2509 contract, the trading volume is 6,774 lots (up 2,718 lots from the previous day), and the open interest is 38,282 lots (up 1,481 lots from the previous day) [2]. - **Basis and Spreads**: The 2505 basis is 1,035 yuan/ton (down 80 yuan year - on - year), the 2507 basis is 980 yuan/ton (down 65 yuan year - on - year), the 2509 basis is 460 yuan/ton (down 65 yuan year - on - year), the 5 - 7 spread is - 55 yuan/ton, and the 7 - 9 spread is - 520 yuan/ton [2]. 3.2 Trend Intensity - The trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [2].