Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The main contract has recovered all losses, and full profit - taking is recommended, in line with the daily report's expectations. Attention should be paid to pre - Spring Festival shipping market, and there is no obvious fluctuation in freight rates [2]. - The tariff issue has a marginal effect, and the current core is the trend of spot freight rates. The main contract has shown a seasonal rebound, suggesting light - position participation or waiting and seeing [4]. - After the market oscillates upward, attention should be paid to tariff policies, the Middle - East situation, and spot freight rate conditions [4]. 3. Content Summaries by Related Aspects Freight Rate Index - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; for the US - West route, it 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, and the SCFI US - West route was 1550 USD/FEU, down 5.02% from the previous period [3]. - On December 5, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI (European route) was 1024.64 points, up 7.67% from the previous period; the NCFI (US - West route) was 881.66 points, down 7.77% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI (European route) was 1449.34 points, up 1.1% from the previous period; the CCFI (US - West route) was 841.86 points, down 1.1% from the previous period [3]. Economic Data - The eurozone's November composite PMI preliminary value was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI was 53.1, higher than the previous value and the expected value, 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 [3]. - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in Chinese enterprises' production and business activities. The US October S&P Global services PMI preliminary value was 55.2, the manufacturing PMI preliminary value was 52.2, and the composite PMI preliminary value was 54.8, all higher than expected [4]. Main Contract Information - On December 10, the main contract 2602 closed at 1665.2, with a gain of 3.41%, a trading volume of 35,900 lots, and an open interest of 31,400 lots, an increase of 669 lots from the previous day [4]. Investment Strategies - Short - term strategy: The main contract has rebounded after a pull - back, and the fluctuation of far - month contracts has slowed down. Risk - takers are advised to take full profit, not to add positions, not to hold losing positions, and to set stop - losses [5]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5]. - Long - term strategy: It is recommended to take profit when each contract reaches a high, wait for the price to stabilize after a pull - back, and then judge the subsequent direction [5]. Contract Rules Adjustment - The daily limit and daily loss limit for contracts 2508 - 2606 are adjusted to 18%. - The margin of the company for contracts 2508 - 2606 is adjusted to 28%. - The daily opening position limit for all contracts from 2508 - 2606 is 100 lots [5]. Geopolitical News - On December 9 (local time), the UN Secretary - General's spokesman expressed "deep shock and serious concern" about the Houthi rebels' detention of a large number of international agency personnel in Yemen and strongly condemned the transfer of UN staff to a special criminal court, urging the Houthi rebels to withdraw the transfer decision and release all detained personnel [6]. - A senior Hamas official stated on the 9th 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 fully implement all terms of the first - stage agreement. As long as Israel continues to violate the agreement, the second - stage cease - fire cannot be initiated [6].

Core Viewpoint - The report from Caitong Securities highlights that China Merchants Energy Shipping Company is a global leader in comprehensive shipping, with a high proportion of oil and bulk carriers, and has established a resilient shipping platform through mergers and acquisitions, reducing risks associated with single business cycles [1] Group 1: Company Overview - China Merchants Energy Shipping Company has built a comprehensive shipping business structure focusing on oil and gas bulk carriers, which mitigates risks from strong cyclical operations [1] - The company primarily operates with self-owned vessels, accounting for 91.5% of its fleet [1] Group 2: Fleet and Market Position - As of June 2025, the company will have 52 VLCCs and 37 VLOCs (including 3 managed vessels), ranking first globally in both categories [1] - The company also operates 19 Capesize vessels, including 3 on lease [1] Group 3: Market Dynamics - The current market is in a favorable cycle, with the company's VLCCs benefiting from scale and operational advantages, leading to superior profit elasticity [1] - Demand is supported by an expansion cycle and tightening sanctions in Europe and the U.S., while supply-side constraints exist due to insufficient new VLCC orders (10.6% of current orders) to replace aging vessels (20% are 21 years or older) [1] - The dynamic scrapping of older vessels and absorption into the gray market may limit the net increase in compliant effective capacity, suggesting sustained market conditions [1] Group 4: Investment Rating - The company is expected to benefit from a resonance in oil and bulk shipping markets, leading to an initial coverage rating of "Buy" [1]

Core Viewpoint - CMB is positioned as a global leader in comprehensive shipping, with a high proportion of oil and bulk carriers, reducing operational risks associated with single business cycles [1] Group 1: Business Structure and Strategy - The company has established a comprehensive shipping business structure through mergers and acquisitions, focusing on "oil and gas bulk carrier integration" [1] - The current fleet is primarily owned (91.5% ownership), with a total of 52 VLCCs and 37 VLOCs, ranking first globally, and 19 Capesize vessels [1] Group 2: Market Conditions and Performance - The company is currently in a favorable market cycle, with VLCCs benefiting from scale and operational advantages, leading to superior profit elasticity [1] - Demand is supported by an expansion cycle and tightening sanctions from Europe and the U.S., while supply-side constraints exist due to insufficient new VLCC orders to replace aging vessels [1] Group 3: Future Outlook - The company is expected to experience a positive market trend due to the resonance of oil and bulk shipping, with a projected limited net increase in compliant effective capacity due to the aging fleet [1] - The company has been given an "overweight" rating based on the anticipated favorable market conditions [1]

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The current shipping market is in a volatile pattern, mainly affected by index fluctuations, long - short games, and the transition of the main contract. The market is sensitive to short - term factors such as December contract delivery and freight rate implementation, with frequent long - short switches. The focus is shifting from the December contract to subsequent main contracts, but it is still disturbed by short - term factors. The future trend depends on whether the January peak - season expectations can be fulfilled. It is recommended to wait and see in the short term [9]. 3. Summary According to Related Catalogs Shipping Market News - CMA CGM's INDAMEX route will use the Suez Canal for both forward and return voyages between India/Pakistan and the US East Coast, signaling the large - scale return of container ships to the Red Sea route [6]. - The traffic volume through the Bab el Mande Strait has reached the highest level since January 2024 [6]. - The FEWB route has a low blank - sailing rate of 0.9% in December due to shipping companies' strict capacity control, and the market is expected to remain at a high level during Christmas and the New Year. The TAWB route has serious port congestion in Northern Europe and the Mediterranean [6]. Shipping Index and Contract Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) decreased by 0.39% to 1398, and the China Export Container Freight Index (CCFI) decreased by 0.62% to 1115. Different routes had different changes in SCFI, with SCFI - West America down 5.02% and SCFIS - West America up 1.18% [5]. - **Contract Data**: EC contracts showed different trends. For example, EC2506 increased by 0.53% to 1225.6, while EC2608 decreased by 0.07% to 1378.9. The positions of different contracts also changed, with EC2606's position decreasing by 61 to 2274 [5]. EC Market - **Market Review**: The market showed a volatile pattern. The spot prices of different shipping companies changed from early December to late December, and MSK plans to raise the price in January [7]. - **Logic**: The market is affected by index fluctuations, long - short games, and the transition of the main contract. It is sensitive to short - term factors, and the focus is shifting to subsequent main contracts [9]. - **Strategy**: It is recommended to wait and see [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The main contract has recovered all its losses, and it is recommended to take full profits, which is in line with the daily report's expectations. Attention should be paid to the pre - Spring Festival shipping market, and there is no obvious fluctuation in freight rates. The core of the freight rate trend lies in traditional seasonality and when shipping resumes in the Red Sea, and the tariff issue has a marginal effect. It is recommended to participate with a light position or wait and see [2][4] - After the market fluctuates upward, attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4] Summary by Related Content Freight Indexes - On December 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1509.10 points, up 1.7% from the previous period; the SCFIS for the US - West route was 960.51 points, up 1.2% from the previous period. On December 5, the Shanghai Export Container Freight Index (SCFI) was 1397.63 points, down 5.5 points from the previous period; the SCFI for the European line was 1400 USD/TEU, down 0.28% from the previous period; the SCFI for the US - West route was 1550 USD/FEU, down 5.02% from the previous period [3] - On December 5, the Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [3] Economic Data - The preliminary value of the eurozone's November composite PMI was 52.4, slightly lower than October's 52.5, remaining above the boom - bust line of 50. The services PMI was 53.1, higher than the previous value of 53 and better than the expected value of 52.8, achieving its 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 [3] - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in Chinese enterprises' production and operation activities. The preliminary value of the US's October S&P Global services PMI was 55.2 (expected 53.5, previous 54.2); the preliminary value of the manufacturing PMI was 52.2 (expected 52, previous 52); the preliminary value of the composite PMI was 54.8 (expected 53.1, previous 53.9) [4] Contract Information - On December 10, the main contract 2602 closed at 1665.2, up 3.41%, with a trading volume of 35,900 lots and an open interest of 31,400 lots, an increase of 669 lots from the previous day [4] Investment Strategies - Short - term strategy: The main contract has rebounded after a pullback, and the fluctuation of far - month contracts has slowed down. Risk - takers are advised to go long with a light position on the main contract, take full profits, not add more positions, not hold on to losing positions, and set stop - losses [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5] - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pullback, and then determine the subsequent direction [5] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [5] - The margin of the company for contracts 2508 - 2606 is adjusted to 28% [5] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

Core Insights - The report emphasizes that domestic demand is recovering ahead of external demand, with a focus on low base effects in 2026, making bottomed-out sectors worth attention [3] - It highlights that upstream sectors are recovering before downstream sectors, with significant demand elasticity expected in early 2026, particularly in bulk supply chains and dry bulk shipping [3] - The report notes that price increases are anticipated before volume growth, with a focus on dry bulk shipping, e-commerce logistics, and airlines benefiting from supply constraints and favorable oil exchange rates [3] Industry Overview - The transportation sector ranked 29th in the market as of December 10, 2025, reflecting significant pressure on fundamentals, with a -1% performance in the Shenwan primary transportation index [18][19] - The report identifies structural opportunities in logistics and shipping, despite the overall economic cycle affecting the sector [20] - It indicates that the transportation sector's performance is closely tied to economic fundamentals, with a notable correlation between ROE and economic cycles [23] Sub-industry Analysis - In logistics, domestic demand is stabilizing while external trade remains robust, with expectations of price increases due to anti-involution policies [11][20] - The airline sector is experiencing improvements in supply and demand, with a focus on capturing opportunities in private airlines and airport duty-free consumption recovery [11][20] - The shipping sector, particularly dry bulk shipping, is highlighted as a cost-effective opportunity for 2026, driven by supply and demand dynamics [11][20] Investment Strategy - The report suggests a strategy of seeking alpha within beta, focusing on sectors with low beta characteristics that are expected to turn around in 2026 [11][20] - It emphasizes the importance of identifying individual stocks within the transportation sector that can outperform the broader market, given the anticipated recovery in demand [11][20] - The report outlines a cautious but optimistic outlook for 2026, with a focus on sectors that have shown resilience and potential for recovery [11][20]

行业 集运指数日报 每日报告 | | | 表1：集运欧线期货12月10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 | 1,661.0 | 1,653.0 | 1,655.1 | 1,659.2 | -5.9 | -0.36 | 321 | 3169 | -114 | | EC2602 | 1,610.3 | 1,600.0 | 1,665.2 | 1,655.3 | 54.9 | 3.41 | 35894 | 31382 | 669 | | EC2604 | 1,074.6 | 1,073.6 | 1,080.7 | 1,083.3 | 6.1 | 0.57 | 3703 | 19219 | -159 | | EC2606 | 1,214.6 | 1,219.1 | 1,225.6 | 1,223.4 | 11.0 | 0.91 | 38 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Market demand is gradually improving, and freight rates are being gradually corrected in the second half of December. There is a high probability that Maersk's prices will rise in the first week of January, and attention should be paid to the time when freight rates peak. The 12 - month contract is expected to have a delivery settlement price between 1600 - 1700 points. The 2 - month contract is expected to be volatile and slightly stronger. The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downward [1][4][5][6][7]. Summary by Directory 1. Futures Prices - As of December 10, 2025, the total open interest of all contracts of the container shipping index (European line) futures was 61,800 lots, and the single - day trading volume was 40,741 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1665.20, 1080.70, 1225.60, 1378.90, 1025.00, and 1655.10 respectively [8]. 2. Spot Prices - The SCFI (Shanghai - Europe route) price announced on December 5 was 1400 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1550 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2315 US dollars/FEU. The SCFIS (Shanghai - Europe) on December 8 was 1509.10 points, and the SCFIS (Shanghai - US West) was 960.51 points [8]. 3. Container Ship Capacity Supply - In December, the remaining 4 - week average monthly capacity was 314,700 TEU, and the capacities in weeks 50, 51, 52, and 53 were 334,500, 289,600, 315,000, and 319,000 TEU respectively. In January, the average monthly capacity was 331,700 TEU, and in February, it was 262,900 TEU. There were 4 blank sailings in December (1 by the OA Alliance and 3 by the MSC/PA Alliance), and 4 TBNs in January, all from the OA Alliance. Maersk added a new sailing ship, MAERSK EINDHOVEN (13,092 TEU), in week 51. As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU [3][8]. 4. Supply Chain - Maersk and Hapag - Lloyd launched the Cape of Good Hope network due to the continuous turmoil in the Red Sea. There is no specific time to change the east - west routes of the Gemini to pass through the Red Sea. The CMA FAL1 route (Europe - Asia) will fully resume operation in January 2026, and the FAL3 route has started a single trial run [2]. 5. Demand and European Economy - Information from various surveys shows that the cargo volume is gradually recovering. The delivery settlement price of the 12 - month contract is the arithmetic average of the SCFIS on December 15, 22, and 29. The 2 - month contract's delivery settlement price basically reflects the spot price center at the end of January. If the duration of the shipping companies' contract price - holding is extended and high prices are achieved in January 2026, the 2 - month contract may be at parity with the 12 - month contract [4][6].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 11 日 0 / 46 研究所 期货眼·日迹 | | | | 蛋白粕：国际市场利空体现较充分 国内供应不确定增加 5 | | --- | | 白糖：国际糖价上涨 国内糖价震荡 5 | | 油脂板块：市场传言较多，盘面波动增加 7 | | 玉米/玉米淀粉：现货回落，盘面偏弱震荡 8 | | 生猪：现货小幅反弹 盘面仍然承压 8 | | 花生：大型油厂开始收购，花生盘面高位震荡 10 | | 鸡蛋：需求表现一般 蛋价稳中有涨 10 | | 苹果：库存较低 苹果基本面偏强 11 | | 棉花-棉纱：新棉销售较好 棉价震荡偏强 12 | | 钢材：市场情绪反复，钢价震荡运行 14 | | --- | | 双焦：震荡偏弱，等待冬储启动 14 | | 铁矿：高位偏空思路对待 15 | | 铁合金：成本有支撑，需求存压制 16 | | 金银：降息+技术性扩表，提振金银市场情绪 17 | | --- | | 铂钯：联储降息落地，铂钯价格高位震荡 18 | | 铜：鲍威尔发表偏鸽言论，铜价表现坚挺 19 | | 氧化铝：空头减仓带动价格反弹 后续关注仓 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - Yesterday, the Container Shipping Index (European Line) showed a strong performance. The main 2602 contract reached a high of 1,694.6 points during the session and finally closed at 1,665.2 points, a 3.41% increase. The second - main 2640 contract closed at 1,080.7 points, a 0.57% increase [10]. - In the medium - term, there is still a probability that shipping companies' price increases in January for the 2602 contract will be implemented. However, the overall capacity is not low in both late December and January, high prices are hard to sustain, and there is a drive to stock up at lower prices in late January. In the short - term, market sentiment is optimistic, while in the medium - term, it will be a volatile market. For the 2604 contract, short - selling on rallies has a relatively higher probability of success, and whether the bottom space can be opened depends more on shipping companies' resumption schedules [12]. - The trend strength of the Container Shipping Index (European Line) is 0, indicating a neutral outlook [13]. 3. Summary by Relevant Directory 3.1 Fundamentals Tracking - **Futures Data**: - EC2512 closed at 1,655.1, down 0.36% with a trading volume of 3,169 and an open interest change of - 114. The trading volume to open interest ratio was 0.10, compared to 0.14 the previous day [1]. - EC2602 closed at 1,665.2, up 3.41% with a trading volume of 35,894 and an open interest change of + 669. The trading volume to open interest ratio was 1.14, compared to 0.62 the previous day [1]. - EC2604 closed at 1,080.7, up 0.57% with a trading volume of 3,703 and an open interest change of - 159. The trading volume to open interest ratio was 0.19, compared to 0.14 the previous day [1]. - **Freight Rate Index**: - The SCFIS European route index was 1,509.10, up 1.7% week - on - week. The SCFIS US West route index was 960.51, up 1.2% week - on - week [1]. - The SCFI European route index was $1,400/TEU, down 0.3% bi - weekly. The SCFI US West route index was $1,550/FEU, down 5.0% bi - weekly [1]. - **Spot Freight Rates**: - Gemini Alliance's 52 - week FAK average was about $2,275/FEU. Maersk's Shanghai - Rotterdam opening price was lowered by $100 to $2,300/FEU, and the Hamburg port price remained at $2,300/FEU. HPLSPOT's late - December price was $2,200 - 2,300/FEU [11]. - OA Alliance's late - December quotes were between $2,500 - 2,620/FEU, with an average of about $2,530/FEU. Evergreen's late - December offline price was $2,550/FEU, and its slow - boat CES route price was $2,500/FEU. OOCL's online late - December quote was $2,500 - 2,600/FEU. COSCO's late - December price was around $2,500/FEU, up $200/FEU from the previous period. CMA's late - December price was $2,620/FEU, up $100/FEU from the previous period [11]. - MSC's late - December FAK was $2,640/FEU, up $200/FEU from the early - December [11]. - PA Alliance: Yang Ming quoted $2,800/FEU in week 51 and $2,600/FEU in week 52. It is expected that the PA freight rate center will have a slight decline on the basis of $2,600 - 2,800/FEU, but the late - December freight rate center will be higher than the early - December [11]. - **Exchange Rates**: The US dollar index was 99.24, and the US dollar against the offshore RMB was 7.06 [1]. 3.2 Macro News - On December 10, local time, Ukraine's State Security Service sank an oil tanker of Russia's "shadow fleet" in the Black Sea using naval drones. Russia has not responded yet [8]. - US President Trump said on December 11 that the announcement of the members of the "Gaza Peace Committee" will be made early next year, and many world leaders want to join [8].