1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - For EC2602, it follows the spot market, the peak may have appeared in week 4, the subsequent price - cut rhythm is hard to judge, and the risk - reward ratio is poor at the current level, so entry is not recommended [3] - For EC2604, the main strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors and it's difficult to have an independent market in the short term [3] - For EC2610, the strategy is also to short on rallies. Since its price is the lowest, there is a high possibility of capital pulling under the disturbance of geopolitical reversal news [3] 3. Summary by Relevant Catalogs Contract Information - EC2602: Yesterday's closing price was 1706.0, down 4.11%, with a basis of 1681.7, yesterday's trading volume was 27173, and the open interest was 20008, a decrease of 1803 [2] - EC2604: Yesterday's closing price was 1163.3, down 1.58%, with a basis of 2224.4, yesterday's trading volume was 16470, and the open interest was 27774, an increase of 1435 [2] - EC2606: Yesterday's closing price was 1415.0, down 0.56%, with a basis of 1972.7, yesterday's trading volume was 929, and the open interest was 2476, a decrease of 3 [2] - EC2608: Yesterday's closing price was 1527.4, down 0.37%, with a basis of 1860.3, yesterday's trading volume was 225, and the open interest was 1200, an increase of 8 [2] - EC2610: Yesterday's closing price was 1105.2, down 0.61%, with a basis of 2282.5, yesterday's trading volume was 1277, and the open interest was 6619, a decrease of 131 [2] Month - spread Information - EC2502 - 2604: The previous day's month - spread was 542.7, today it's 597.1, three days ago it was 648.9, with a daily decrease of 54.4 and a weekly decrease of 92.6 [2] - EC2504 - 2606: The previous day's month - spread was - 251.7, today it's - 240.9, three days ago it was - 193.2, with a daily decrease of 10.8 and a weekly decrease of 49.8 [2] Index Information - Machine information: Updated weekly on Monday, announced on January 6, 2025, the current value is 3387.69 points, down 3.59% from the previous period, while the previous period increased by 4.44% [2] - SCFI (European Line): Updated weekly on Friday, announced on December 26, 2025, the current value is 1690 dollars/TEU, up 10.24% from the previous period, while the previous period decreased by 0.33% [2] European Line Spot Situation - Week 3: MSK opened at 2600 dollars (up 100 from the previous period), OA was 2800 - 2900 dollars, PA was 2600 dollars, and the freight rate center was 2775 dollars (equivalent to 1940 points on the disk) [4] - Week 4: MSK opened at 2700 dollars (up 100 from the previous period), OA was 2800 - 2900 dollars, PA was 2600 dollars (YML had a special price of 2450 dollars on one route), the freight rate center was 2750 dollars (equivalent to 1930 points on the disk). On Thursday, COSCO/OOCL reduced the price by 200 to 2800 dollars in the second half of the month. YML announced a special price of 2450 dollars on one route. ONE's second - half - month quote was 2600 dollars [4] Related News - On January 9, Israel said Lebanon's efforts to disarm Hezbollah were "far from enough" [5] - On January 9, the Israeli Defense Forces monitored a rocket launch from the Gaza City area towards Israeli territory. The rocket failed to reach the target and fell near a hospital in the Gaza Strip. After the failed rocket launch from Gaza, the Israeli army attacked the launch site [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - The EC12 contract is moving towards the delivery logic with little deviation. P1 is around 1550 - 1600 points, P2 is between 1650 - 1700 points, and P3 is expected to be flat [3]. - The EC02 contract has a neutral valuation with short - term upward drivers. Due to the improvement in cargo volume, there are expectations of stable freight rates in late December and price increases in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival (mid - to - late January 2026). However, the large amount of available capacity in January 2026 may suppress the peak. A cautious long - position view is maintained [3]. - The EC04 contract has limited short - term downside space. Attention should be paid to the short - selling opportunities when it may rise following the near - month contract [3]. 3. Summary by Category Futures Contract Data - EC2512: Yesterday's closing price was 1658.6, up 0.58% with a trading volume of 443 and an open interest of 3500, a decrease of 231 [2]. - EC2602: Yesterday's closing price was 1609.9, up 1.57% with a trading volume of 37284 and an open interest of 32215, a decrease of 2007 [2]. - EC2604: Yesterday's closing price was 1092.9, up 0.26% with a trading volume of 4598 and an open interest of 19350, an increase of 229 [2]. - EC2606: Yesterday's closing price was 1252.5, down 0.21% with a trading volume of 180 and an open interest of 2108, a decrease of 33 [2]. - EC2608: Yesterday's closing price was 1367.1, down 1.34% with a trading volume of 88 and an open interest of 1226, an increase of 10 [2]. - EC2610: Yesterday's closing price was 1040.0, down 0.02% with a trading volume of 406 and an open interest of 3976, an increase of 15 [2]. Month - spread Data - EC2512 - 2504: The month - spread was 565.7, with a day - on - day increase of 6.7 [2]. - EC2512 - 2602: The month - spread was 48.7, with a day - on - day decrease of 15.4 [2]. - EC2502 - 2604: The month - spread was 517.0, with a day - on - day increase of 22.1 [2]. Index Data - SCFIS (European Line): Updated on 2025/12/5, at 1400 dollars/TEU, down 0.28% [2]. - CCFI: Updated on 2025/12/5, at 1447.56 points, down 0.12% [2]. - NCFI: Updated on 2025/12/5, at 967.55 points, down 5.57% [2]. European Line Spot Freight Situation - Week 50: Maersk's opening price dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central price is $2200, equivalent to 1550 points on the futures market [4]. - Week 51: Maersk's opening price was $2400 (+$200), and COSCO's offline price was $2400 (+$200). Maersk announced a price increase for January, with the freight for 20 - foot/40 - foot containers on the European line rising to $2275/$3500 respectively [4].