Report Overview - The report is a shipping derivatives data daily report by the Energy and Chemical Research Center of Guomao Futures Research Institute, dated February 5, 2026 [2][3] 1. Shipping Freight Index - **Current and Previous Values and Fluctuations**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1317, 1176, 1867, 1101, 2605, 1418, 1792, and 2424 respectively. The previous values are 1458, 1209, 2084, 1294, 2896, 1595, 1859, and 2756 respectively. The corresponding percentage changes are -9.68%, -2.74%, -10.41%, -14.91%, -10.05%, -11.10%, -3.60%, and -12.05% [4] 2. Geopolitical Situation - **Mixed Signals from US - Iran**: There are mixed signals between the US and Iran. The probability of military strikes predicted by the market has slightly decreased. Iranian senior officials said that efforts to start negotiations with the US are making progress. The Wall Street Journal reported that the possibility of the US launching an air strike on Iran in the near - term is low as the US is still deploying air defense capabilities in the region. The "Lincoln" aircraft carrier has left the Oman Sea and entered the Indian Ocean [5] 3. Spot Market of Container Shipping on European Routes (EC) - **Market Condition**: The market is in a volatile state. The spot price shows a pre - holiday decline, with different adjustments among alliances. For the GEMINI alliance, Maersk's opening price in WK6 dropped to $2000 - 2100 per FEU, and Hapag - Lloyd maintained at $2300 - 2500 per FEU; in NK7, Maersk further lowered to $1995 per FEU, while Hapag - Lloyd remained stable. For the OA alliance, the price in WK6 slightly dropped to around $2500 per FBU, and in WK7, COSCO Shipping in North China ports adjusted to $2200 - 2300 per FBU, and East China ports may follow, with an overall range of $2200 - 2300 per FEU. For the PA alliance, the price fluctuated between $2200 - 2400 per FEU in WK6, and in WK7, affected by ONE's WK8 list price of $2000 per FEU, the average price approached $2000 per FEU, with some special prices as low as $1800 per FEU. MSC also slightly lowered its price following the market trend. Due to the pre - Spring Festival cargo volume vacuum period, the quotes of all alliances showed a downward trend [6] 4. Core Viewpoint - **Market Trend**: The container shipping European line (EC) spot and futures markets rebounded today, mainly due to the unexpectedly narrowed decline of the SCFIS index and the improvement of the commodity market atmosphere. After a significant decline, the market gradually made up for the losses, with strong spot - futures linkage. In the short - term, it is restricted by pre - holiday freight rates, and in the long - term, it focuses on the supply - demand game after the holiday. The short - term repair trend is clear but restricted by post - holiday expectations. On the spot side, there is no clear main line, and pre - holiday freight rates are basically determined, with shipping companies such as Maersk slightly lowering their quotes. After the holiday, the pressure is prominent, and freight rates may fall below $2000 to $1800. The effect of shipping companies' price - increasing and stabilizing measures is expected to be poor. The impact of photovoltaic rush shipments needs to be confirmed by March bookings and is limited [8] 5. Investment Strategy - **Trading Strategy**: The cost - effectiveness of short - selling in the short - term has decreased. It is recommended to focus on going long on contract 06 at low positions and short - selling contract 10 during the off - season when the price rebounds [9]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market's collective forecast probability of a military strike has slightly declined as the US and Iran are sending mixed signals. Iran's senior officials said that efforts to start negotiations with the US are making progress, and the US is unlikely to conduct an air strike on Iran in the near term as it is still deploying air - defense capabilities in the region. The "Lincoln" aircraft carrier has left the Oman Sea and entered the Indian Ocean [5]. - The container shipping market shows an oscillating trend. The container shipping European route EC spot - futures market rebounded, mainly due to the unexpectedly narrowed decline of the SCFIS index and the recovery of the commodity market atmosphere. The futures main contract EC2604 oscillated and rebounded, with a closing increase of 5.22% and a clear short - term repair trend but restricted by post - festival expectations. The spot market lacks a clear main line, and post - festival pressure is prominent, with freight rates possibly falling below $2000 [7]. - The short - term cost - effectiveness of short - selling is reduced. Attention should be paid to going long on contract 06 at low levels and short - selling contract 10 during the off - season when it rebounds [8]. 3. Summary by Related Catalogs Shipping Derivatives Data - **Container Shipping Freight Index**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1317, 1176, 1867, 1101, 2605, 1418, 1792, and 2424 respectively. The previous values are 1458, 1209, 2084, 1294, 2896, 1595, 1859, and 2756 respectively. The corresponding percentage changes are - 9.68%, - 2.74%, - 10.41%, - 14.91%, - 10.05%, - 11.10%, - 3.60%, and - 12.05% [4]. Market Situation and Freight Price - **Market Situation**: The market shows an oscillating trend. The container shipping European route EC spot - futures market rebounded after a significant decline the previous day, with strong spot - futures linkage. The futures main contract EC2604 oscillated and rebounded, closing up 5.22% at 1220.8 points, with a maximum of 1254.0 points and a minimum of 1186.0 points, and a trading volume of 29296 lots. The far - month contracts also rose slightly by 1 - 3% [7]. - **Freight Price**: The freight price shows a pre - festival decline. Different alliances have different adjustments. For example, in the GEMINI alliance, Maersk's opening price in WK6 dropped to $2000 - 2100/FEU and further to $1995/FEU in WK7, while Hapag - Lloyd maintained $2300 - 2500/FEU in WK6 and remained stable in WK7. In the OA alliance, the price in WK6 dropped slightly to around $2500/FBU, and in WK7, COSCO Shipping in North China ports adjusted to $2200 - 2300/FEU, with East China ports likely to follow. In the PA alliance, the price fluctuated between $2200 - 2400/FEU in WK6, and in WK7, affected by ONE's WK8 list price of $2000/FEU, the average price approached $2000/FEU, with some volume - special prices at $1800/FEU. The NSC also adjusted slightly downward following the market rhythm [7].

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The shipping industry shows a mixed trend. The freight index has different changes, and the spot price of shipping has price differentiation. The adjustment of the export tax - rebate policy for photovoltaic products will lead to a short - term rush of shipments on the European line and a subsequent decline in export volume, which will affect shipping demand and freight rates. The recommended strategy is to wait and see [4][6][7] 3. Summary by Related Content Freight Index Section - The present values of Shanghai Export Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe are 1647, 1195, 2218, 1323, 3128, 1719 respectively, with changes of - 0.54%, 4.21%, 1.37%, 5.84%, 3.13%, 1.72% compared to the previous values. The present values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1956 and 3232, with changes of 8.97% and 2.83% compared to the previous values [4] Market News Section - The US Supreme Court has set Friday as the "judgment day" to rule on President Donald Trump's global tariff policy. Maersk will gradually resume east - west shipping through the Suez Canal and the Red Sea, and the Maersk Denver successfully passed the Bab el - Mandeb Strait and entered the Red Sea on January 11 - 12 [5] Spot Price Section - For the GEMINI, Maersk's quotes in the fourth week of January are differentiated. The Shanghai - Rotterdam quote is $2700/FEU (up $100 month - on - month), while quotes from Ningbo - Rotterdam and Shanghai - Gdansk dropped to $2400/FEU. Hapag - Lloyd's quote center fell to $2300 - 2700/FEU. For the OA, the quotes in the first half of January loosened, and EMC's quote from January 16 - 22 was $2800 - 2950/FEU. For the PA, YML's quote from January 16 - 22 was $2600/FEU. MSC's quote in the second half of January was $2840/FEU, the same as in the first half [6] Photovoltaic Export Tax - Rebate Policy Section - China has made major adjustments to the export tax - rebate policy for photovoltaic products. Currently, China exports 35,000 - 40,000 TEUs of photovoltaic modules to Europe per month, accounting for about 5% of the total European - bound exports. It is estimated that before April 1, the additional cargo volume on the European line due to the rush of shipments is about 30,000 TBU, consuming the capacity of 2 ships of 15,000 TEU. After April, the monthly European - bound shipping volume is expected to decrease by 3000 - 4000 TEU, accounting for about 0.4%. The rush of shipments may temporarily ease the decline in post - holiday freight rates, but it is difficult to benefit most shipping companies. The recommended strategy is to wait and see [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - SCFIS continues to rise, spot freight rates maintain an upward trend, and the market shows a strong and volatile pattern. Attention should be paid to the freight rate trend in February [2]. - The core factor is the direction of spot freight rates. The main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [4]. - After the holiday, the freight rates of liner companies have increased slightly, supporting the market to some extent, but there are differences in the subsequent increase. The overall market is strongly volatile. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Related Content Freight Rate Index - On January 5, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1795.83 points, up 3.1% from the previous period; for the US - West route, it was 1250.12 points, down 3.9% from the previous period [3]. - On January 2, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1296.7 points, up 10.40% from the previous period; the NCFI for the European route was 1258.31 points, up 9.96% from the previous period; for the US - West route, it was 1743.56 points, up 38.94% from the previous period [3]. - On December 26, the Shanghai Export Container Freight Index (SCFI) (composite index) was 1656.32 points, up 103.4 points from the previous period; the SCFI for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US - West route, it was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the China Export Container Freight Index (CCFI) (composite index) was 1124.73 points, up 0.6% from the previous period; for the European route, it was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [3]. Economic Data - The eurozone's December composite PMI preliminary value was 51.9, expected to be 52.6, and the previous value was 52.8. The service - sector PMI preliminary value was 52.6, lower than the market expectation of 53.3 [3]. - The eurozone's December Sentix investor confidence index was - 6.2, expected to be - 7, and the previous value was - 7.4 [3]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month [4]. - The US December S&P Global service - sector PMI preliminary value was 52.9, a six - month low, expected to be 54, and the previous value was 54.1. The US December S&P Global composite PMI preliminary value was 53, expected to be 53.9, and the previous value was 54.2 [4]. Market Situation - The US attack on Venezuela has made the international situation tense again, but the expected impact is limited. The US route is facing heavy snow at the end of the year, and the European route is affected by seasonal congestion, both showing different degrees of increase. However, major shipping companies have signaled resuming routes in the Red Sea. The premium space caused by weather and congestion is limited [4]. - On January 5, the main contract 2602 closed at 1855.5, up 1.48%. The trading volume was 22,900 lots, and the open interest was 26,000 lots, an increase of 1916 lots from the previous day [4]. Strategy Suggestions - Short - term strategy: The main contract has reached a new high. It is recommended to take full profits and wait and see. Do not recommend additional positions [5]. - Arbitrage strategy: Under the background of international situation turmoil, each contract still follows the 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 the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent direction [5]. Contract Adjustments - The daily price limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].

Group 1: Report Information - Report Title: Shipping Derivatives Data Daily Report [2] - Research Institute: Guomao Futures Research Institute, Energy and Chemical Research Center [3] - Analyst: Lu Dingyi [3] - Data Sources: Clarksons, Wind [3] - Date: January 5, 2026 [3] Group 2: Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Present value is 1656, previous value was 1553, with a rise of 6.66% [4] - **China Containerized Freight Index (CCFI)**: Present value is 1147, previous value was 1125, with a rise of 1.95% [4] - **SCFI - US West Coast**: Present value is 2188, previous value was 1992, with a rise of 9.84% [4] - **SCFIS - US West Coast**: Present value is 962, previous value was 924, with a rise of 4.11% [4] - **SCFI - US East Coast**: Present value is 3033, previous value was 2846, with a rise of 6.57% [4] - **SCFI - Northwest Europe**: Present value is 1690, previous value was 1533, with a rise of 10.24% [4] - **SCFIS - Northwest Europe**: Present value is 1589, previous value was 1510, with a rise of 5.23% [4] - **SCFI - Mediterranean**: Present value is 3143, previous value was 2833, with a rise of 10.94% [4] Group 3: Market Review - Current European line freight rates are in high - level oscillations. The second - half - month quotes of each alliance are generally higher than those of the first - half - month. The OA alliance has the highest overall freight rate level, and the separate quotes of MSC have a significant increase [5] - **GEMINI Alliance**: In wk1 (12/29 - 1/4), 20GP is 1585, 40GP is 2550; in wk2 (1/5 - 1/12), the prices are the same as wk1; in wk3 (1/13 - 1/20), 20GP is 1635, 40GP is 2650, up 50 and 100 respectively compared to wk1 [5] - **OA Alliance**: In wk1 (12/20 - 1/4), 20GP is 1535, 40GP is 2631; in wk2 (1/5 - 1/12), 20GP is 1824, 40GP is 3068, a significant increase compared to wk1; in wk3 (1/13 - 1/20), the prices are the same as wk2 [5] - **PA Alliance**: In wk1 (12/29 - 1/4), 20GP is 1603, 40GP is 2806; in wk2 (1/5 - 1/12), 20GP is 1645, 40GP is 2600; in wk3 (1/13 - 1/20), the prices are the same as wk2 [6] - **MSC**: In wk1 (12/20 - 1/4), 20GP is 1700, 40GP is 2840; in wk2 (1/5 - 1/12), the prices are the same as wk1; in wk3 (1/13 - 1/20), 20GP is 1880, 40GP is 3140, up 180 and 300 respectively compared to wk1 [6] Group 4: Core View - The European line container shipping shows a trend of "simultaneous strengthening of futures and spot". Freight rates have rebounded for multiple weeks, with spot and futures prices rising steadily. Shipping companies have a strong willingness to control cabins and support prices [6] - On the demand side, benefiting from the Spring Festival stocking and restocking demand, the cabin loading rate has improved. On the supply side, empty sailings have decreased, and effective capacity has tightened. The Red Sea situation has marginally eased, and some airlines are tentatively resuming flights, but overall they remain cautious [6] - The freight rate may peak in mid - January. Subsequently, attention should be paid to the sustainability of demand and the progress of flight resumptions, and the market faces adjustment pressure [6] Group 5: Strategy - The recommended strategy is to wait and see [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The US's attack on Venezuela has led to renewed tensions in the international situation, but the expected impact is limited. The US line is facing the biggest snowstorm in recent years at the end of the year, and the European line is affected by seasonal route congestion, both showing varying degrees of increase. However, major shipping companies have shown signs of resuming navigation in the Red Sea. The premium space caused by weather and congestion is considered limited. The core issue is the direction of spot freight rates, and the main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [4]. - The main contract closed at 1801.3 on December 31st, with a gain of 0.52%, a trading volume of 21,500 lots, and an open interest of 24,100 lots, a decrease of 3,725 lots from the previous day. Before the holiday, the wait - and - see sentiment was strong, and combined with some long - position funds reducing their positions and leaving the market, the market fluctuated widely. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates in the future [4]. 3. Summary by Related Content Shipping Indexes - On December 29th, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1742.64 points, up 9.7% from the previous period; the Shanghai Export Container Settlement Freight Index SCFIS (US West route) was 1301.41 points, up 35.3% from the previous period. The Shanghai Export Container Freight Index SCFI announced a price of 1656.32 points, up 103.4 points from the previous period. The SCFI European line price was 1690 USD/TEU, up 10.24% from the previous period, and the SCFI US West route was 2188 USD/FEU, up 9.84% from the previous period [3]. - On January 2nd, the Ningbo Export Container Freight Index NCFI (composite index) was 1296.7 points, up 10.40% from the previous period; the NCFI (European route) was 1258.31 points, up 9.96% from the previous period; the NCFI (US West route) was 1743.56 points, up 38.94% from the previous period. The China Export Container Freight Index CCFI (composite index) was 1124.73 points, up 0.6% from the previous period; the CCFI (European route) was 1473.90 points, up 0.2% from the previous period; the CCFI (US West route) was 792.06 points, down 0.9% from the previous period [3]. Economic Data - In the eurozone, the December composite PMI preliminary value was 51.9 (expected 52.6, previous value 52.8). The service - sector PMI preliminary value was 56.6, lower than the market expectation of 53.3, indicating a weakening growth momentum in the service sector. The December Sentix investor confidence index was - 6.2 (expected - 7, previous value - 7.4) [3]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, with an improved business climate. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [4]. - The US December S&P Global services PMI preliminary value was 52.9 (a six - month low, expected 54, previous value 54.1), and the December S&P Global composite PMI value was 53 (expected 53.9, previous value 54.2) [4]. Trading Strategies - Short - term strategy: The main contract has reached a new high. It is recommended to take full profits and mainly wait and see in the short term. Do not recommend additional positions [5]. - Arbitrage strategy: Against the backdrop of international situation 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 [5]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [5]. Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The company's margin for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5]. Geopolitical Events - On January 3rd (local time), the US launched a military strike on Venezuela. A Venezuelan official said that at least 40 people, including military and civilians, were killed. As of now, the Venezuelan official has not officially announced the casualty figures. US President Trump announced that the military successfully attacked Venezuela, captured Venezuelan President Maduro and his wife, and took them out of Venezuela [6].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - The pre - holiday sentiment is cautious, with the market fluctuating. After suggesting taking profits, short - term investors are advised to wait and see. The tariff issue has a marginal effect, and the current focus is on 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. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [1][5][6]. 3. Summary by Related Content a. Freight Index - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2]. - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period. The SCFI price for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US - West route, it was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period. The NCFI for the European route was 1144.37 points, up 7.22% from the previous period; for the US - West route, it was 1254.91 points, up 2.16% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period. The CCFI for the European route was 1473.90 points, up 0.2% from the previous period; for the US - West route, it was 792.06 points, down 0.9% from the previous period [4]. b. 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 service sector PMI preliminary value 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, better than the expected - 7 and the previous - 7.4 [5]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [5]. - The US November S&P Global services PMI preliminary value was 55, higher than the expected 54.6 and the previous 54.8. The US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month, with an expected 54.6 and a previous 54.6 [5]. c. Futures Market - On December 30, the main contract 2602 closed at 1795.1, down 2.08%. The trading volume was 24,800 lots, and the open interest was 27,900 lots, a decrease of 2582 lots from the previous day. Due to strong pre - holiday caution and some long - position funds leaving the market, the main contract fluctuated downward [6]. d. Investment Strategies - Short - term strategy: After the main contract reached a new high, it was recommended to take full profits. Short - term investors are advised to wait and see and not to add more positions [7]. - Arbitrage strategy: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [7]. - Long - term strategy: It was recommended to take profits when each contract reached a high and wait for the price to stabilize after a pullback before making further judgments [7]. e. Contract Adjustments - The daily price limit for contracts 2508 - 2606 was adjusted to 18%. The company's margin for contracts 2508 - 2606 was adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 was 100 lots [7]. f. Geopolitical Event - On December 28 (local time), the Israeli Defense Forces confirmed that last week, its delegation signed the 2026 tri - military cooperation work plan with the military representatives of Greece and Cyprus in Cyprus, as well as bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The pre - holiday sentiment is one of strong wait - and - see. The futures market is oscillating, and it is recommended to take profits and then mainly adopt a wait - and - see approach in the short term [1][7] - The tariff issue 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 suggested to participate lightly or wait and see [5] - Attention should be paid to tariff policies, the Middle East situation, and the spot freight rate situation [6] 3. Summary by Related Catalogs SCFIS, NCFI, and Other Freight Rate Indexes - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2] - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period; the SCFI European line price was 1690 USD/TEU, up 10.24% from the previous period; the SCFI US - West route was 2188 USD/FEU, up 9.84% from the previous period [3] - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period; the NCFI European route was 1144.37 points, up 7.22% from the previous period; the NCFI US - West route was 1254.91 points, up 2.16% from the previous period [4] - On December 26, the China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period; the CCFI European route was 1473.90 points, up 0.2% from the previous period; the CCFI US - West route was 792.06 points, down 0.9% from the previous period [4] 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 service sector PMI preliminary value was 53.1, higher than the previous value of 53 and better than the expected value of 52.8 [5] - The eurozone's December Sentix investor confidence index was - 6.2, with an expected value of - 7 and a previous value of - 7.4 [5] - In November, the manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [5] - The US November S&P Global services PMI preliminary value was 55, with an expected value of 54.6 and a previous value of 54.8; the US November S&P Global composite PMI preliminary value was 54.8, rising for the second consecutive month [5] Futures Market - On December 30, the main contract 2602 closed at 1795.1, down 2.08% with a trading volume of 24,800 lots and an open interest of 27,900 lots, a decrease of 2582 lots from the previous day [6] - Due to strong pre - holiday wait - and - see sentiment and some long - position funds reducing their positions, the main contract oscillated downward [6] Investment Strategies - Short - term strategy: The main contract has reached a new high. It is recommended to take all profits and mainly wait and see in the short term, not to continue adding positions [7] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [7] - Long - term strategy: It is recommended to take profits when each contract reaches a high, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [7] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [7] - The margin of the company for contracts 2508 - 2606 is adjusted to 28% [7] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7] Geopolitical Event - On December 28 (local time), the Israeli Defense Forces confirmed that last week, its delegation signed the 2026 tripartite military cooperation work plan with the military representatives of Greece and Cyprus in Cyprus, as well as bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - SCFIS and SCFI indices have significantly increased, boosting bullish sentiment, but the market pulled back after reaching a high due to pre - holiday caution about funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates [5][6]. - The tariff issue has a marginal effect, and the current core is 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 [5]. 3. Summary by Related Content 3.1 Freight Rate Index - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US - West route, it was 1301.41 points, up 35.3% from the previous period [2]. - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period. The SCFI European line price was 1690 USD/TEU, up 10.24% from the previous period; the US - West route was 2188 USD/FEU, up 9.84% from the previous period [3]. - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period; the European route was 1144.37 points, up 7.22% from the previous period; the US - West route was 1254.91 points, up 2.16% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period; the European route was 1473.90 points, up 0.2% from the previous period; the US - West route was 792.06 points, down 0.9% from the previous period [4]. 3.2 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 preliminary value was 53.1, better than both 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, better than the expected - 7 and the previous value of - 7.4 [5]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [5]. - The preliminary value of the US November S&P Global services PMI was 55, better than the expected 54.6 and the previous value of 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, better than the expected 54.6 and the previous value of 54.6 [5]. 3.3 Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, a decrease of 1412 lots from the previous day [6]. 3.4 Trading Strategies - Short - term strategy: The main contract reached a new high, and it has been recommended to take full profits. It is recommended to wait and see in the short term and not to add more positions [7]. - Arbitrage strategy: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [7]. - Long - term strategy: It has been recommended to take profits when each contract reaches a high, wait for the callback to stabilize, and then judge the subsequent direction [7].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - SCFIS has significantly increased, but the futures market has fallen after reaching a high due to pre - holiday caution towards funds. The focus should be on tariff policies, the Middle East situation, and spot freight rates. The core issue is the direction of spot freight rates, and the main contract has shown a seasonal rebound. It is recommended to participate with a light position or wait and see [1][5][6] - The tariff issue has a marginal effect, and the current focus is on the trend of spot freight rates. The main contract has had a seasonal rebound, suggesting light - position participation or waiting and seeing [5] Summary by Relevant Catalogs SCFIS and NCFI Freight Indexes - On December 29, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1742.64 points, up 9.7% from the previous period; for the US West route, it was 1301.41 points, up 35.3% from the previous period [2] - On December 26, the Shanghai Export Container Freight Index (SCFI) was 1656.32 points, up 103.4 points from the previous period. The SCFI price for the European route was 1690 USD/TEU, up 10.24% from the previous period; for the US West route, it was 2188 USD/FEU, up 9.84% from the previous period [3] - On December 26, the Ningbo Export Container Freight Index (NCFI) composite index was 1094.77 points, up 7.24% from the previous period. The NCFI for the European route was 1144.37 points, up 7.22% from the previous period; for the US West route, it was 1254.91 points, up 2.16% from the previous period [4] - On December 26, the China Export Container Freight Index (CCFI) composite index was 1124.73 points, up 0.6% from the previous period. The CCFI for the European route was 1473.90 points, up 0.2% from the previous period; for the US West route, it was 792.06 points, down 0.9% from the previous period [4] 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 service sector PMI preliminary value was 53.1, higher than the previous and expected values, achieving the best monthly performance in a year and a half. The Eurozone's December Sentix investor confidence index was - 6.2, better than the expected - 7 and the previous - 7.4 [5] - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month. In October, the composite PMI output index was 49.7, down 0.3 percentage points from the previous month, falling below the boom - bust line for the first time since 2023 [5] - The preliminary value of the US November S&P Global services PMI was 55, higher than the expected 54.6 and the previous 54.8. The preliminary value of the US November S&P Global composite PMI was 54.8, rising for the second consecutive month, higher than the expected and previous values of 54.6 [5] Futures Market - On December 29, the main contract 2602 closed at 1822.9, up 0.87%, with a trading volume of 24,400 lots and an open interest of 30,400 lots, down 1412 lots from the previous day [6] Investment Strategies - Short - term strategy: The main contract has reached a new high, and it is recommended to take all profits. It is advisable to wait and see for the short term and not to add more positions [7] - 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 or try with a light position [7] - Long - term strategy: It is recommended to take profits when each contract reaches a high and wait for the price to stabilize after a pull - back before determining the subsequent direction [7] Contract Adjustments - The daily limit for contracts 2508 - 2606 has been adjusted to 18% [7] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28% [7] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [7] Geopolitical News - On December 28, local time, the Israeli Defense Forces confirmed that last week, its delegation signed a tri - lateral military cooperation work plan for 2026 with military representatives from Greece and Cyprus in Cyprus, and also signed bilateral military cooperation plans between Israel and Greece and between Israel and Cyprus [8]