1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The EC2512 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the shipping space in the second half of December, and the expected trend is stable with a slight increase [3]. - The EC2602 contract has a neutral valuation, follows the spot price in the short - term, and there is a game for the peak - season price height. Although high shipping capacity limits the upside, there is no overly pessimistic expectation because the pre - Spring Festival concentrated shipment has not fully started, the cargo volume on the European route has been strong this year with obvious seasonal features, and the contract covers the freight rates from the second half of January to the first ten days of February, and the seasonal freight rate peak is usually 4 - 5 weeks before the Spring Festival [3]. - The short - term downside space of the EC2604 contract is small, and it is still recommended to adopt the strategy of shorting on rallies [3]. 3. Summary by Relevant Content 3.1 Futures Contract Data - **EC2512**: Yesterday's closing price was 1653.5, up 1.22%, trading volume was 523, and open interest was 3813 with a decrease of 216 [2]. - **EC2602**: Yesterday's closing price was 1540.1, up 0.38%, trading volume was 22299, and open interest was 35008 with a decrease of 1354 [2]. - **EC2604**: Yesterday's closing price was 1083.1, up 1.03%, trading volume was 3303, and open interest was 18997 with a decrease of 156 [2]. - **EC2606**: Yesterday's closing price was 1254.5, up 1.73%, trading volume was 381, and open interest was 2167 with an increase of 13 [2]. - **EC2608**: Yesterday's closing price was 1380.1, up 0.38%, trading volume was 247, and open interest was 157 with a decrease of 18 [2]. - **EC2610**: Yesterday's closing price was 1042.2, up 0.95%, trading volume data was not clear, and open interest was 3889 with a decrease of 57 [2]. 3.2 Month - spread Data - **EC2512 - 2504**: The spread was 8.9, compared with 561.5 the previous day, 558.7 two days ago, and the weekly comparison was 46.8 [2]. - **EC2512 - 2602**: The spread was 14.0, compared with 99.4 the previous day, 144.2 two days ago, and the weekly comparison was - 83.1 [2]. - **EC2502 - 2604**: The spread was - 5.1, compared with 462.1 the previous day, 414.5 two days ago, and the weekly comparison was 129.9 [2]. 3.3 Index Data - **SCFIS (European Route)**: Updated on Mondays, as of December 1, 2025, it was 1483.65 points, down 9.50% from the previous period, and up 20.715% in the last period [2]. - **SCFI (European Route)**: As of November 28, 2025, it was 1404 dollars/TEU, up 2.71% from the previous period, and down 3.58% in the last period [2]. - **CCFI**: As of November 28, 2025, it was 1449.34 points, up 1.14% from the previous period, and up 2.09% in the last period [2]. - **NCFI**: As of November 28, 2025, it was 1024.64 points, up 7.67% from the previous period, and down 2.83% in the last period [2]. 3.4 Recent European Route Shipping Information - In the first half of December, the price increase announcement failed. In Week 49, the average was 2360 US dollars, equivalent to 1650 points on the futures market. In Week 50, MSK's opening price dropped to 2200 US dollars, and other shipping companies followed suit. The current central price is 2270 US dollars, equivalent to 1580 points on the futures market [4]. - YML reduced the price of two ships in Week 50 by 150 to 1750 US dollars, while MSC increased the price by 200 to 2600 US dollars [4]. - In the second half of December, MSC announced a price increase to 3500 US dollars, ONE to 2800 US dollars, and MSK's opening price was 2400 US dollars. It is expected that shipping companies will announce price increases for January shipping space in early December [4]. - MSK's opening quotation for Week 51 was 2400 US dollars, a 200 - dollar increase from the previous period, equivalent to 1660 points on the futures market [4]. - MSK added a new ship, MDV ELECTRA, on January 20, with unknown shipping capacity [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall driver remains downward as shipping companies' loading rates are low during the spot price decline period. The 10 - contract on the futures market dropped significantly as the spot price broke through the previous low of the year, showing signs of shipping companies' price competition. The valuation space below the 10 - contract has significantly decreased, and investors can consider reducing their positions. The 12 - contract followed the decline, and the 10 - 12 spread changed little and is relatively reasonable. Currently, the spot price has little change [1][8]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - **Yesterday's Closing Price and Changes**: EC2510 closed at 1203.8, down 5.02%; EC2512 at 1609.1, down 3.88%; EC2602 at 1497.4, down 1.75%; EC2604 at 1242.0, down 0.32%; EC2606 at 1430.6, down 0.92% [1]. - **Basis**: EC2510's basis is 362.7; EC2512's is - 42.6; EC2602's is 69.1; EC2604's is 324.5; EC2606's is 135.9 [1]. - **Yesterday's Trading Volume and Open Interest**: EC2510's trading volume is 32766, and open interest is 49507; EC2512's trading volume is 10045, open interest is 19025 with a change of 1417; EC2602's trading volume is 1268, open interest is 6001 with a change of 59; EC2604's trading volume is 919, open interest is 7791 with a change of 279; EC2606's trading volume is 67, open interest change is 6 [1]. - **Monthly Spread**: EC2510 - 2512 spread is - 405.3, with a daily increase of 1.3 and a weekly decrease of 5.0; EC2512 - 2602 spread is 111.7, with a daily decrease of 38.3 and a weekly decrease of 61.9 [1]. 3.2 Spot Index Information - **SCFIS (European Line)**: On September 8, 2025, it was 1566.46 points, down 11.68% from the previous period; on September 5, 2025, it was 1773.60 points, down 10.88% from the previous period [1]. - **CCFI**: On September 5, 2025, it was 1638.77 points, down 2.79% from the previous period [1]. - **NCFI**: On September 5, 2025, it was 855.93 points, down 7.92% from the previous period [1]. 3.3 Recent European Line Quotation Situation - **Week 37**: The average quotation was 2100 US dollars (equivalent to 1450 points on the disk), among which MSK was 1900 US dollars (later rose to 1950), PA was 2100 - 2150, and OA was 2100 - 2300 [2]. - **Week 38**: The average quotation was 1800 US dollars (equivalent to 1260 points on the disk), among which MSK was 1700 US dollars (later rose to 1760), PA&MSC was 1800 - 1950, and OA was 1650 - 2020 [2]. - **Week 39**: The average quotation was 1660 US dollars (equivalent to 1150 points on the disk), among which MSK opened at 1550 US dollars, PA dropped to 1600 - 1700 US dollars, and OA quoted 1650 - 1700 US dollars [2].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the report Group 3: Summary Based on Related Catalogs Futures - EC2508 closed at 2071.3 with a -0.84% change, EC2510 at 1420.1 with a 0.50% change, EC2512 at 1751.4, EC2602 at 1509.3 with a 1.13% change, EC2604 at 1341.6 with a 0.80% change, and EC2606 at 1499.6 with a 1.90% change [2] - The month - spread of EC2508 - 2510 was 651.2, EC2510 - 2512 was - 331.3, and EC2512 - 2602 was 242.1 [2] Spot - SCEIS on 2025/8/4 was 2297.86 points, down 0.81% from the previous period [2] - SCFI on 2025/8/1 was 2051 dollars/TEU, down 1.87% from the previous period [2] - CCFI on 2025/8/1 was 1789.5 points, up 0.13% from the previous period [2] - NCFI on 2025/8/1 was 1372.7 points, down 3.53% from the previous period [2] Market Situation - In the first week of August (week32), the cargo collection in the European line was good but there were few container usages. In week33, the cargo collection situation of each alliance varied, with MSK improving, OA average, and PA poor. MSK's price dropped by 100 dollars [2] - Starting from late August, the supply pressure in the European line is very high, with the weekly capacity in week34/35 at 340,000 TEU. The average weekly capacity in September 2025 (tentative) is 340,000 TEU, and 320,000 TEU after excluding TBN [2] - Currently, downstream is booking space for the second and third weeks of August (week33 - 34). The week33 quotation dropped to 2800 - 3200 dollars with an average of 3000 dollars (equivalent to about 2100 points on the disk), and the week34 quotation is currently averaging 2930 dollars, equivalent to about 2000 points on the disk [2] - On Tuesday, MSK opened week34 at 2600 dollars, a 200 - dollar drop from the previous week, and then rose to 2640 dollars. On Wednesday, CMA and COSCO/OOCL lowered their freight rates to 2920 and 3000 dollars respectively [2] News - On August 6, Israeli Prime Minister Netanyahu decided to fully occupy Gaza, and the plan will be submitted for a vote on August 7. As of August 5, the Israeli army has controlled about 75% of the Gaza Strip [2] - On August 6, the US Ambassador to Israel said that after the failure of the cease - fire negotiations, Trump supported Israel's actions in Gaza and "lost patience" with Hamas' cease - fire [3]