晚，春节前集中发货未完全启动，当前尚未全面爆仓也属正常 ; (2) 今年以来欧线货量坚挺, 季节性特征明显, (3) 02合约覆盖1月下半月和2 月上旬的运价，季节"柱运价高点多在春节前4-5周，若后续旺季货量逐步兑现，02或有更高想象空间, 04短期下方空间小，整体仍建议逢高空思路对待。 沂期欧线规信情况: 12月上宣涨失败，Week49：均值2360美金，折盘面1650点， Week50：MSK开舱下跌至2200美金定调，其余船司跟跌，OA2300-2400，PA2100-2200，目前中枢2270美金，折盘面1580点。 周 YML对week50两条船降价150至1750美金。MSC涨200至2600美金, 12月下：MSC喊涨3500，ONE涨至2800美金，MSK开舱2400。预计船司将会在12月上旬对1月舱位进行宣涨。 MSK对week51开舱报价2400美金,环比涨200,折盘面1660点。 国 国二 MSK对1月20日新增加研船MDV ELECTRA. 运力未知, 相关新闻 12/4 哈马斯蒂斯 17年第五十分年第三十年第二期第一次第一 当地时间3日晚间,巴勒斯坦伊斯兰抵抗运动(哈马斯)发表声 ...

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].

集运早报 注:XSI-C指数延迟三个工作日公布。 EC期货合约价格走势 EC远期曲线 2600 2400 2400 2200 ว วดด 2000 2000 1800 1800 1600 1600 1400 1400 1200 1200 1000 1000 现货价格 2508 2510 25 12 2602 2606 -2508 2025 /7/2 2025 /7/15 2025/8/5 2025/7/25 | | | | | | Company of the county of | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究用心能化团队 | | | 2025/8/7 | | | इस्ते | | 昨日收盘份 | 涨跌 (%) | 基美 | 昨日成交昆 | | 昨日持会昆 | 持合变动 | | | EC2508 | | 2071.3 | -0.84 | 226.6 | | 418 | 3700 | -246 | | | EC2510 | | 1420.1 | 0.50 | 877 ...