1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market demand is gradually improving, and the industry is waiting for Maersk's price offer in January. The 12 - month contract is expected to be volatile, while the February contract is expected to be volatile and bullish. The far - month contracts are under pressure from the potential resumption of the Suez Canal [1][9] - The delivery of container ships in 2025 is still at a high level, which may have an impact on the supply - demand relationship in the shipping market [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 11, 2025, the total open interest of all contracts for the container shipping index European line futures was 62,069.00 lots, and the single - day trading volume was 21,544.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1689.00, 1092.70, 1227.00, 1381.80, 1021.60, and 1653.10 respectively [8] II. Spot Price - On December 5, 2025, the SCFI (Shanghai - Europe route) price was $1400/TEU, the SCFI (Shanghai - West Coast of the United States) price was $1550/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2315/FEU. On December 8, the SCFIS (Shanghai - Europe) was 1509.10 points, and the SCFIS (Shanghai - West Coast of the United States) was 960.51 points [8] III. Container Ship Capacity Supply - In December, the remaining 4 - week monthly average capacity was 314,700 TEU, with capacities of 334,500, 289,600, 315,000, and 319,000 TEU respectively in weeks 50, 51, 52, and 53. In January, the monthly average capacity was 331,700 TEU. In February, the monthly average capacity was 262,900 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA alliance. Maersk added a new sailing vessel (MAERSK EINDHOVEN, 13092 TEU) in week 51 [4] - As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.119 million TEU; 12 ships with a capacity of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the probability of the Suez Canal resuming operation in 2026 is relatively high. If the canal resumes, the effective capacity supply will increase, which may further suppress freight rates. Currently, CMA's FAL1 route (Europe - Asia) will fully resume operation starting from January 2026, and the FAL3 route (Europe - Asia) has started a single - trial operation [7] V. Demand and European Economy - The feedback from various surveys shows that the current cargo volume is gradually recovering. The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and Maersk's freight rate is likely to continue to rise at the beginning of January. The 2026 Spring Festival is one month later than in 2025, and there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed [5][7]

据悉，全球已存在成熟的乙醇市场(主要为美国和巴西)，这为航运业提供一条可扩展的过渡性脱碳路 径。马士基表示，如使用以玉米等作物为原料的第一代生物乙醇，将遵循严格的可持续性标准，确保其 全生命周期碳排放符合要求，且不引发毁林或与粮争地。 据介绍，马士基计划在此次测试后，将进一步探索使用100%乙醇，助力构建多元化低碳燃料组合。 中化新网讯 为应对航运业脱碳压力并增强运营韧性，马士基12月8日宣布，将在其首艘甲醇动力集装箱 船"劳拉·马士基"号上进行50%乙醇与50%甲醇的混合燃料测试，为其快速扩张的双燃料甲醇船队增加燃 料选择的灵活性与供应弹性。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Spot freight rates have stabilized, and the market is filled with optimistic sentiment. Amid the tug - of - war between bulls and bears, the market shows wide - range fluctuations. Future attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][2] - The issue of Sino - US tariffs has a marginal effect, and the current core lies in the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is recommended to participate with a light position or wait and see [2] 3. Summary by Related Catalogs Freight Index - On December 5, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1509.10 points, up 1.7% from the previous period; SCFIS (US West route) was 960.51 points, up 1.2% from the previous period. The Shanghai Export Container Freight Index SCFI announced a price of 1397.63 points, down 5.5 points from the previous period; the SCFI European line price was 1400 USD/TEU, down 0.28% from the previous period [1] - On December 5, the Ningbo Export Container Freight Index NCFI (composite index) was 972.63 points, up 2.77% from the previous period; NCFI (European route) was 1024.64 points, up 7.67% from the previous period. The China Export Container Freight Index CCFI (composite index) was 1121.80 points, down 0.1% from the previous period; CCFI (European route) was 1449.34 points, up 1.1% from the previous period [1] - On December 8, the Ningbo Export Container Freight Index NCFI (US West route) was 881.66 points, down 7.77% from the previous period. The Shanghai Export Container Freight Index SCFI US West route was 1550 USD/FEU, down 5.02% from the previous period. The China Export Container Freight Index CCFI (US West route) was 841.86 points, down 1.1% from the previous period [1] Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in the production and operation of Chinese enterprises [2] - The preliminary value of the Eurozone's November composite PMI was 52.4, slightly lower than the October figure of 52.5, remaining above the boom - bust line of 50. The service sector and manufacturing sector showed a divergence, with the preliminary value of the service sector PMI at 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving the best monthly performance in a year and a half. The Eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [1] - The preliminary value of the US October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [2] Trading Strategy - Short - term strategy: The main contract rebounds after a pullback, and the fluctuation of far - month contracts slows down. Risk - takers who had been advised to try long positions with a light position in the main contract are now advised to take all profits, not to add positions, not to hold losing positions, and to set stop - losses. The logic of freight rate trends still returns to traditional seasonality and when shipping routes in the Red Sea will resume. Currently, spot prices have slightly decreased [2] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [2] - Long - term strategy: It has been advised to take profits when the contracts reach high points, wait for the price to stabilize after a pullback, and then judge the subsequent situation [2] Contract Information - On December 11, the main contract 2602 closed at 1689.0, up 2.04%, with a trading volume of 18,700 lots and an open interest of 31,600 lots, an increase of 241 lots from the previous day [2] - The price limit for the 2508 - 2606 contracts has been adjusted to 18% [2] - The company's margin for the 2508 - 2606 contracts has been adjusted to 28% [2] - The intraday opening limit for all 2508 - 2606 contracts is 100 lots [2] Geopolitical Events - On December 9 local time, the UN Secretary - General's spokesman expressed "deep shock and serious concern" over the Yemeni Houthi rebels' continued arbitrary detention of a large number of international agency personnel and strongly condemned their practice of handing over UN staff to a special criminal court. He called on the Houthi rebels to withdraw the relevant hand - over decision and immediately release all detained UN, non - governmental organization, and diplomatic personnel [3] - On December 9, Hamas senior official Hussam Badran stated that any discussion about the second - stage cease - fire in Gaza must be based on the negotiation mediators, the US, and all relevant parties pressuring Israel to ensure the full implementation of all terms of the first - stage agreement. He refuted the Israeli military's claim that the "yellow line" is the "new border" in the Gaza Strip, saying that such remarks exposed Israel's non - compliance with the cease - fire agreement. As long as Israel continues to violate the agreement, the second - stage cease - fire in Gaza cannot be launched [3]

Group 1: Shipping Derivatives Data - Current values of Shanghai export container freight rate indices include 1398 for the comprehensive index SCFI, 1115 for the index CCFI, etc. [5] - The percentage changes of the indices range from -5.02% (SCFI - West US) to 3.05% (SCFI - Mediterranean) [5] - For contracts like EC2506, EC2608, etc., the current values, previous values, and percentage changes are presented, with changes ranging from -0.33% (EC2610) to 1.43% (EC5602) [5] - The current and previous values of contract positions and their changes are also provided, such as a 22 - unit increase in EC2606 position [5] - The current and previous values of month - spreads and their changes are given, e.g., a 11.8 - unit increase in the 02 - 04 month - spread [5] Group 2: Market News and Impact - CMA CGM's decision to change the INDAMEX route to pass through the Suez Canal is a significant development signal for container ships to return to the Red Sea route [6] - The traffic volume through the Bab el Mande Strait has reached the highest level since January 2024 [6] - In the FEWB route, the shipping companies strictly control capacity in December, with a blank - sailing rate of only 0.9%, and other factors lead to high freight rates during Christmas and New Year [6] - In the TAWB route, ports in Northern Europe and the Mediterranean are severely congested due to labor disputes, and there are shortages of containers and trailers in many European countries [6] Group 3: EC Market - The EC market is in a volatile state. The spot prices in early and late December are provided, and MSK plans to raise the price to 3500 in January [7] - The recent market is mainly affected by index fluctuations, long - short gaming, and the transition of the main contract. It shows a volatile pattern and is sensitive to short - term factors [9] - Future focus should be on the actual freight rates in late December and the forward rates in early January. The short - term bearish and long - term bullish expectations are in a game [9] - The short - term strategy is to wait and see [10]

研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 行业 集运指数日报 日期 2025 年 12 月 12 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 | | | 表1：集运欧线期货12月11日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,659.2 | 1,659.3 | 1,653.1 | 1,655.8 | -6.1 | - ...

Group 1 - The Shanghai International Shipping Center is transitioning from "basically completed" to "fully completed" as part of the 14th Five-Year Plan, with a record high of 42,000 international vessels entering and leaving the port in the first 11 months of this year, a 2.4% increase year-on-year, including 30,000 container ships [1] - Service innovation is a key factor attracting international vessels to dock in Shanghai, with the implementation of regulations ensuring the supply of pharmaceuticals and medical devices for international vessels starting in October 2024, making Shanghai the first port in China with such capabilities [1] - The number of pharmaceutical and medical device supplies available at Shanghai Port has increased to 724 types, enhancing the ability to meet diverse health needs of crew members [1] Group 2 - Efficient customs clearance is a reason why international vessels view Shanghai as a hub, with Yangshan Port handling a container throughput of 26.25 million TEUs in the first 11 months, a 9.7% increase year-on-year, facilitated by customs measures [2] - Fresh products like New Zealand kiwifruit, Chilean cherries, and Spanish persimmons are increasingly entering through Yangshan Port, with the first fast cargo ship carrying Chilean cherries arriving in December [2] - The "immediate inspection upon arrival" customs measure has significantly preserved the freshness of imported cherries, with expectations of a two to three-fold increase in import volume compared to last year's cherry season [2] Group 3 - The "direct release" customs initiative at Shanghai Port has reduced logistics costs by 12% and improved time efficiency by 25% through smart customs construction [3] - In November, 3,489 Kia electric vehicles from South Korea were directly transported to the Yangshan Special Comprehensive Bonded Zone under the "direct release" supervision model, with plans for further distribution based on market demand [3] - The "direct release" model has facilitated the transit of 92,000 vehicles this year, expanding to include international automotive brands such as General Motors, Toyota, and Mitsubishi [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The 12 - contract follows the delivery logic with little deviation and low positions. MSK lowered the freight rate for the last week to $2300, weaker than the previous flat - expected view, but the PA remained relatively firm at $2400 in the second half of the month [3]. - The 02 - contract has a moderately high valuation, showing short - term sideways movement. In the future, the driving force is upward due to strong and recovering cargo volume. Historically, the freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to late January 2026), but the high capacity in January 2026 may suppress the peak. It is recommended to wait and see at the current valuation [3]. - The short - term downside space of the 04 - contract is small. Attention should be paid to the short - selling opportunities on rallies that may occur when the 04 - contract follows the near - month contract's rise [3]. 3. Summary by Related Catalogs Futures Quotes - **Contract Prices and Changes**: For example, EC2512 closed at 1653.1 with a decline of 0.12%, EC2602 at 1689.0 with an increase of 1.43%, etc. [2] - **Volume and Open Interest**: EC2512 had a trading volume of 241 and an open interest of 3031 with a decrease of 138; EC2602 had a volume of 18659 and an open interest of 31623 with an increase of 241 [2]. - **Month - to - Month Spreads**: EC2512 - 2504 was 560.4, showing a daily decrease of 14.0 and a weekly decrease of 10.0; EC2512 - 2602 was - 35.9, with a daily decrease of 25.8 and a weekly decrease of 149.3 [2]. Spot Freight Rates - **Week 50**: MSK's opening rate dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central rate is $2200, equivalent to 1550 points on the disk [3]. - **Week 51**: MSK opened at $2400, OA at $2500 - 2600, and PA at $2400 [3]. - **Week 52**: MSK's opening quote was $2300 (down $100 from the previous week), OA at $2500 - 2600, PA at $2400, and the central rate was $2500 (equivalent to 1700 points on the disk) [3]. - **Thursday**: ONE, HMM, and YML all lowered their rates to $2400 [4]. - **January**: MSK issued a price - increase letter for January, raising the freight rates of 20 - foot and 40 - foot containers on the European route to $2275 and $3500 respectively [4]. Index Data - **SCFI (European Route)**: Updated weekly. On December 8, 2025, it was 1483.65 points, up 1.72% from the previous period and down 9.50% from two periods ago; in terms of dollars/TEU, it was $1404, down 0.28% from the previous period and up 2.71% from two periods ago [2]. - **CCFI**: Updated weekly. On December 5, 2025, it was 1447.56 points, down 0.12% from the previous period and up 1.14% from two periods ago [2]. - **NCFI**: Updated weekly. On December 5, 2025, it was 967.55 points, down 5.57% from the previous period and up 7.67% from two periods ago [2].

Group 1 - On December 11, a total of 57 Hong Kong stocks conducted share buybacks, with 11 stocks having buyback amounts exceeding 10 million HKD [1] - Tencent Holdings, Xiaomi Group-W, and China COSCO Shipping Holdings had the largest buyback amounts, with Tencent repurchasing 636 million HKD, Xiaomi 97.2035 million HKD, and COSCO 41.3004 million HKD [1] - Year-to-date, 257 Hong Kong stocks have conducted buybacks, with 68 stocks having cumulative buyback amounts exceeding 100 million HKD [1] Group 2 - The largest cumulative buyback amounts year-to-date were by Tencent Holdings at 72.408 billion HKD, HSBC Holdings at 30.257 billion HKD, and AIA Group at 17.693 billion HKD [1]

Core Viewpoint - Orient Overseas International (00316) has announced a share transfer agreement where Faulkner Global Holdings Limited will sell 469 million shares to China COSCO Shipping Holdings (Hong Kong) Limited, resulting in the latter holding approximately 71.07% of the company's total issued share capital post-transfer [1] Group 1 - The share transfer agreement is set to be completed on December 11, 2025 [1] - Following the completion of the transfer, Faulkner will no longer hold any shares in the company and will cease to be its controlling shareholder [1] - China COSCO Shipping Holdings (Hong Kong) will directly hold 469 million shares, representing about 71.07% of the company's issued share capital as of the announcement date [1] Group 2 - The company has received notification from China COSCO Shipping Holdings (Hong Kong) that it has applied for a waiver from the obligation to make a general offer for the company's shares due to the transfer [1] - The Securities and Futures Commission has granted this waiver in accordance with Rule 26.1 Note 6(a) of the Hong Kong Code on Takeovers and Mergers [1]

智通财经APP讯，东方海外国际(00316)发布公告，本公司接获中远海运控股(香港)有限公司及Faulkner Global Holdings Limited(Faulkner，为中远海控香港的全资附属公司)通知，于2025年12月11日，彼等订 立了股权转让协议，据此Faulkner同意出售，而中远海控香港同意购买4.69亿股本公司股份。 本公司进一步接获中远海控香港通知，彼已向香港证券及期货事务监察委员会申请豁免其因该转让而产 生就本公司股份作出全面要约的责任，而证监会已根据香港公司收购及合并守则规则26.1注释6(a)授出 该豁免。 紧随该转让完成后，Faulkner将不再持有任何本公司股份，亦不再为本公司的控股股东;及中远海控香港 将直接持有4.69亿股本公司股份，占本公司于本公告日期已发行总股本约71.07%。 ...