2025年11月21日 集运日报 (航运研究小组) 现货价格短期见顶，盘面连续回落，符合目报预期，已建议部分止盈，关注12月运价支撑逻辑。 SCFIS、NCFI运价指数 | 11月17日 | 11月14日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1357.67点，较上期下跌9.8% | 宁波出口集装箱运价指数NCFI（综合指数）999.69点，较上期下跌5.12% | | 上海出口集装箱结算运价指数SCFIS（美西航线）1238.42 点，较上期下跌6.9% | 宁波出口集装箱运价指数NCFI (欧洲航线) 979.34点，较上期上涨7.42% | | 11月14日 | 宁波出口集装箱运价指数NCFI（美西航线）1052.43点，较上期下跌21.99% | | 上海出口集装箱运价指数SCFI公布价格1451.38点，较上期下跌43.72点， | 11月14日 | | 上海出口集装箱运价指数SCFI欧线价格1417USD/TEU，较上期上涨7.1% | 中国出口集装箱运价指数CCFI（综合指数）1094.03点，较上期上涨3.4% | | 上海出口集装箱运价指数SCF ...

投资咨询业务资格：证监许可【2012】31号 II GER期货 航运衍生品数据日报 | | | | | 国贸期货研究院 能源化工研究中心 | 投资咨询号: Z0021177 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 卢钊毅 数据来源：Clarksons、Wind | | | 从业资格号:F03101843 | 2025/11/20 | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | | | | | | | | == | | 1451 | 1094 | 1823 | 1238 | 2600 | 1417 | | Alle | 前值 | 1495 | 1058 | 2212 | 1329 | 2848 | 1323 | | 运 | 涨跌幅 | -2.92% | 3.39% | -17.59% | -6.85% | -8.71% | 7.11% | | 情 | | SCFIS- ...

2025年11月19日 集运日报 (航运研究/组) SCFIS持续下行，压制盘面持续下探，符合日报预期，可考虑部分止盈，关注12月运价支撑逻辑。 上海出口集装箱结算运价指数SCFIS (欧洲航线) 1357.67点, 较上期下跌9.8% 上海出口集装箱结算运价指数SCFIS（美西航线）1238.42 点, 较上期下跌6.9% 11月14日 上海出口集装箱运价指数SCFl公布价格1451.38点,较上期下跌43.72点 上海出口集装箱运价指数SCFI欧线价格1417USD/TEU,较上期上涨7.1% 上海出口集装箱运价指数SCFI美西航线1823USD/FEU,较上期上下跌17.59% 11月14日 宁波出口集装箱运价指数NCFI (综合指数) 999.69点, 较上期下跌5.12% 宁波出口集装箱运价指数NCFI (欧洲航线) 979.34点, 较上期上涨7.42% 宁波出口集装箱运价指数NCFI (美西航线) 1052.43点, 较上期下跌21.99% 11月14日 中国出口集装箱运价指数CCFI (综合指数) 1094.03点,较上期上涨3.4% 中国出口集装箱运价指数CCFI (欧洲航线) 1403.6 ...

2025年11月18日 集运日报 (航运研究小组) 02合约高开高走,盘面整体偏强震荡,符合日报预期,可考虑部分止盈,关注12月运价支撑逻辑。 SCFIS、NCFI运价指数 | 11月17日 | 11月14日 | | --- | --- | | 上海出口集装箱结算运价指数SCFIS（欧洲航线）1357.67点，较上期下跌9.8% | 宁波出口集装箱运价指数NCFI（综合指数）999.69点，较上期下跌5.12% | | 上海出口集装箱结算运价指数SCFIS（美西航线）1238.42 点，较上期下跌6.9% | 宁波出口集装箱运价指数NCFI (欧洲航线) 979.34点，较上期上涨7.42% | | 11月14日 | 宁波出口集装箱运价指数NCFI（美西航线）1052.43点，较上期下跌21.99% | | 上海出口集装箱运价指数SCFI公布价格1451.38点，较上期下跌43.72点， | 11月14日 | | 上海出口集装箱运价指数SCFI欧线价格1417USD/TEU，较上期上涨7.1% | 中国出口集装箱运价指数CCFI（综合指数）1094.03点，较上期上涨3.4% | | 上海出口集装箱运价指数S ...

投资咨询业务资格：证监许可【2012】31号 II GERIK 航运衍生品数据日报 | | | | | 国贸期货研究院 能源化工研究中心 卢钊毅 | 投资咨询号：Z0021177 | | 2025/11/10 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数据来源：Clarksons、Wind | | 从业资格号:F03101843 | | | | | 运价指数 | 上海出口集装箱运价 综合指数SCFI | 中国出口集装箱运价 指数CCFI | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | | 现值 | 1495 | 1058 | 2212 | 1208 | 2848 | 1323 | | (三三 Alle | | | | | | | | | | 前値 | 1551 | 1021 | 2647 | 1107 | 3438 | 1344 | | 运 | 涨跌幅 | -3.59% | 3.60% | -16.43% | 9.12% | -17.16% | -1.56% | | 情 | | SCFIS ...

Group 1: Report Overview - The report is the Container Shipping Daily on November 10, 2025, focusing on the container shipping industry [1] Group 2: Market Conditions - The market's bullish sentiment has weakened, some long - positions have been continuously reduced, and the market has been declining. The 2512 main contract closed at 1812.0 on November 7, with a decline of 1.79%, a trading volume of 17,100 lots, and an open interest of 25,900 lots, a decrease of 2,525 lots from the previous day [3] - The SCFIS and NCFI freight rate indices showed mixed trends. For example, the SCFIS (European route) on November 3 was 1208.71 points, down 7.9% from the previous period, while the SCFIS (US West route) was 1267.15 points, up 14.4% [2] - In October, the eurozone's manufacturing PMI was 45.9, the service PMI was 51.2, and the composite PMI was 49.7. In the US, the service PMI was 55.2, the manufacturing PMI was 52.2, and the composite PMI was 54.8. China's manufacturing PMI in October was 49.0%, and the composite PMI output index was 50.0% [2][3] - Sino - US tariffs have been extended, and the negotiation has not made substantial progress. The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates [3] Group 3: Strategies Short - term Strategy - The main contract remains weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors were advised to build positions in the EC2512 contract below 1500 (with a profit margin of over 300 points), and all positions have been advised to take profit. Attention should be paid to the subsequent market trend, and it is not recommended to hold positions without stop - loss [4] Arbitrage Strategy - Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4] Long - term Strategy - All contracts have been advised to take profit when the price rises, and then wait for the price to stabilize after the correction before judging the subsequent direction [4] - The daily trading limit for contracts 2508 - 2606 has been adjusted to 18%, the company's margin has been adjusted to 28%, and the daily opening limit for all contracts from 2508 - 2606 is 100 lots [4] Group 4: Future Focus - Future attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]

Report Industry Investment Rating - No relevant information provided Core Views of the Report - The market's bullish sentiment has weakened, some long positions have continued to reduce their holdings, and the market has continued to decline. It is necessary to pay attention to tariff policies, the Middle East situation, and spot freight rates [3] - The core issue is the direction of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate lightly or wait and see [3] Summary According to Related Catalogs Market Conditions - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, a 7.9% decrease from the previous period; the SCFIS for the US West route was 1267.15 points, a 14.4% increase from the previous period [2] - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, a 4.24% decrease from the previous period; the NCFI for the European route was 911.73 points, a 5.58% decrease from the previous period; the NCFI for the US West route was 1349.1 points, a 7.14% decrease from the previous period [2] - On November 7, the Shanghai Export Container Freight Index (SCFI) announced a price of 1495.10 points, a decrease of 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, a 1.6% decrease from the previous period; the SCFI US West route was 2212 USD/FEU, a 16.4% decrease from the previous period [2] - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, a 3.6% increase from the previous period; the CCFI for the European route was 1366.85 points, a 3.3% increase from the previous period; the CCFI for the US West route was 814.14 points, a 5.4% increase from the previous period [2] - The preliminary value of the Eurozone's manufacturing PMI in October was 45.9, the expected value was 45.1, and the previous value was 45; the preliminary value of the service PMI was 51.2, the expected value was 51.5, and the previous value was 51.4; the preliminary value of the composite PMI was 49.7, the expected value was 49.7, and the previous value was 49.6; the Sentix investor confidence index in October was -9.2, and the predicted value was -8.5 [2] - In October, China's manufacturing PMI was 49.0%, a decrease of 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, a decrease of 0.6 percentage points from the previous month [2] - The preliminary value of the US S&P Global service PMI in October was 55.2, the expected value was 53.5, and the previous value was 54.2; the preliminary value of the manufacturing PMI was 52.2, the expected value was 52; the preliminary value of the composite PMI was 54.8, the expected value was 53.1, and the previous value was 53.9 [3] - The Sino-US tariff extension negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [3] - On November 7, the main contract 2512 closed at 1812.0, a decrease of 1.79%, with a trading volume of 17,100 lots and an open interest of 25,900 lots, a decrease of 2525 lots from the previous day [3] Strategies - Short-term strategy: The main contract remains weak, and the far-month contracts are relatively strong, which is in line with the bottoming-out judgment. Risk-takers have been advised to try to build positions in the EC2512 contract below 1500 (with a profit margin of over 300 points), and all positions have been advised to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop-losses [4] - 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 lightly [4] - Long-term strategy: All contracts have been advised to take profits when the price rises, wait for the price to stabilize after the correction, and then judge the subsequent direction [4] - The daily price limit for contracts 2508 - 2606 has been adjusted to 18% [4] - The margin of the company for contracts 2508 - 2606 has been adjusted to 28% [4] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The current tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the process of bottom - building, and it is recommended to participate with a light position or wait and see [2][3]. - The bullish signals released by liner companies have warmed the market sentiment. Long - position funds have continuously entered, pushing up the futures price. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][3]. - For different time - frame strategies: in the short - term, risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking; in the long - term, it is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. 3. Summary by Relevant Content a. Freight Index - **SCFIS and NCFI**: On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; for the US - West route, it was 1267.15 points, up 14.4%. On October 31, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1100.32 points, up 12.60%; for the European route, it was 965.62 points, up 17.43%; for the US - West route, it was 1452.82 points, up 12.30% [2]. - **SCFI and CCFI**: On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period. The SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US - West route, it was 2647 USD/FEU, up 22.94%. The China Export Container Freight Index (CCFI) for the comprehensive index was 1021.39 points, up 2.9%; for the European route, it was 1323.81 points, up 2.4%; for the US - West route, it was 772.67 points, up 4.9% [2]. b. PMI Data - **Eurozone**: In October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the service PMI preliminary value was 51.2 (expected 51.5, previous 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [2]. - **China**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stable corporate production and operation activities [2]. - **US**: In October, the S&P Global service PMI preliminary value 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) [3]. c. Tariff and Trade - Sino - US tariffs continue to be extended, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [2][3]. d. Market Strategy - **Short - term Strategy**: The main contract is weak while the far - month contract is strong, which is in line with the bottom - building judgment. Risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking. Follow - up market trends should be monitored, and it is not recommended to hold losing positions. Stop - loss should be set [3]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position [3]. - **Long - term Strategy**: It is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. e. Market Conditions on November 5 - The main contract 2512 closed at 1946.0, with a 4.08% increase, a trading volume of 4.12 million lots, and an open interest of 34,100 lots, an increase of 3157 lots from the previous day [3]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for contracts 2508 - 2606 was set at 100 lots [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The improvement in Sino-US tariff situation meets the daily report's rebound expectation. It is not recommended to increase positions, and partial profit-taking can be considered. Attention should be paid to the freight rates in November [1]. - The tariff issue has shown a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate lightly or wait and see [3]. - Although the mutual reduction of Sino-US tariffs is beneficial to the market to some extent, the freight rates in November may not reach the previously announced increase, suppressing the upward movement of the market. Under the game between long and short positions, the market is generally in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. Summary by Related Catalogs SCFIS, NCFI, and Other Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period, and for the US West route was 1107.32 points, up 28.2% [2]. - On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; for the European route was 965.62 points, up 17.43%; for the US West route was 1452.82 points, up 12.30% [2]. - On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period; the SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US West route was 2647 USD/FEU, up 22.94% [2]. - On October 31, the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; for the European route was 1323.81 points, up 2.4%; for the US West route was 772.67 points, up 4.9% [2]. Economic Data - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in the manufacturing sentiment [3]. - In October, 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 activities of Chinese enterprises [3]. - The preliminary value of the Eurozone's Manufacturing PMI in October was 45.9, expected to be 45.1, and the previous value was 45; the preliminary value of the Service PMI was 51.2, expected to be 51.5, and the previous value was 51.4; the preliminary value of the Composite PMI was 49.7, expected to be 49.7, and the previous value was 49.6 [2]. - The preliminary value of the US S&P Global Service PMI in October was 55.2, expected to be 53.5, and the previous value was 54.2; the preliminary value of the Manufacturing PMI was 52.2, expected to be 52, and the previous value was 52; the preliminary value of the Composite PMI was 54.8, expected to be 53.1, and the previous value was 53.9 [3]. Futures Market - On October 31, the main contract 2512 closed at 1804.0, with a decline of 2.54%, a trading volume of 59,500 lots, and an open interest of 31,400 lots, an increase of 1251 lots from the previous day [3]. Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, which is in line with the bottoming - out judgment. Risk - lovers who were advised to build positions below 1500 in the EC2512 contract (already with a profit margin of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [4]. - 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 [4]. - Long - term strategy: For each contract, it has been recommended to take profits when the price rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [4]. Tariff Policy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agree to continue to extend some tariff exclusion measures [5].

Report Investment Rating - No investment rating information provided Core Viewpoints - The potential meeting between Chinese and US leaders has led to a positive macro sentiment, driving up the market, which aligns with the daily report's rebound expectation. It is not recommended to increase positions, and stop - loss should be set. The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate lightly or wait and see [1]. - In the short - term, the main contract is weak while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend. For the arbitrage strategy, due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations, so it is recommended to wait and see or participate lightly [1]. Content Summary by Related Information Freight Index - On October 27, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1312.71 points, up 15.1% from the previous period, and the SCFIS (US West route) was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index NCFI (composite index) was 977.21 points, up 2.17% from the previous period, the NCFI (European route) was 822.3 points, up 2.38% from the previous period, and the NCFI (US West route) was 1293.75 points, up 3.13% from the previous period [1]. - On October 24, the Shanghai Export Container Freight Index SCFI announced price was 1403.46 points, up 93.14 points from the previous period. The SCFI European route price was 1246 USD/TEU, up 8.8% from the previous period, and the SCFI US West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index CCFI (composite index) was 992.74 points, up 2.0% from the previous period, the CCFI (European route) was 1293.12 points, up 2.0% from the previous period, and the CCFI (US West route) was 736.23 points, up 1.5% from the previous period [1]. PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [1]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of Chinese enterprises' production and business activities [1]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53), the preliminary value of the service PMI was 53.9 (the final value in August was 54.5), and the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [1]. Market and Contract Information - On October 29, the main contract 2512 closed at 1871.0, with a涨幅 of 5.08%, a trading volume of 34,500 lots, and an open interest of 31,900 lots, an increase of 3006 lots from the previous day [1]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was 100 lots [1]. Other Information - The Israel Defense Forces announced on October 29 that they had started to re - implement the Gaza cease - fire agreement after a series of strikes on "terrorist targets" and "terrorists". China's President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern [2].