1. Report's Industry Investment Rating - No relevant information provided. 2. Core Views of the Report - China's economy shows resilience, with the IMF predicting growth rates of 5.0% in 2025 and 4.5% in 2026, up 0.2 and 0.3 percentage points from the October forecast [2][16] - The Fed cut interest rates by 25 basis points for the third time this year, lowering the target range for the federal funds rate to 3.50%–3.75%, and will start a monthly short - term Treasury purchase plan of about $40 billion from December 12 [3][14] - The Asian Development Bank raised the regional economic growth forecast for 2025 to 5.1% and slightly increased the 2026 forecast to 4.6% [17] 3. Summary by Directory Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In November 2025, the manufacturing PMI was 49.2%, up from 49.0% in the previous month but down from 50.3% in the same period last year; the non - manufacturing PMI for business activities was 49.5%, down from 50.1% in the previous month and 50.0% in the same period last year [1] - In October 2025, social financing scale increment was 816.1 billion yuan, down from 3529.9 billion yuan in the previous month but up from 1412 billion yuan in the same period last year [1] - In November 2025, CPI rose 0.7% year - on - year, up from 0.2% in the previous month; PPI fell 2.2% year - on - year, down from a 2.1% decline in the previous month [1][2] Commodity Investment Reference Comprehensive - China's November CPI was in line with expectations, and the increase was mainly driven by the change of food prices from decline to rise. PPI was slightly lower than expected, with a 0.1% month - on - month increase [2] - The Fed cut interest rates and will start a short - term Treasury purchase plan. The Shanghai Futures Exchange adjusted the margin and price limit for silver futures contracts [2][3] - The container shipping index (European route) futures on the Shanghai International Energy Exchange mostly rose, with the February contract leading the gain [3] Metals - International precious metal futures generally rose due to the Fed's interest rate cut. Indonesia may impose export tariffs on gold. Copper production at some Chilean mines changed in October [5] - As of December 10, the holdings of the world's largest gold ETF decreased. The inventory of some metals on the London Metal Exchange changed significantly on December 9 [5][6] Coal, Coke, Steel and Minerals - Argentina approved a copper mining project, and the copper production of Escondida Mine in Chile increased in October [8] Energy and Chemicals - The seizure of a Venezuelan oil tanker by the US increased short - term supply risks, and the Fed's interest rate cut pushed up oil prices, but global oversupply limited the increase [9] - EIA adjusted its forecast for US crude oil production in 2025 and 2026. US natural gas inventory decreased last week [9] - Saudi companies will develop oil and gas fields in Syria, and an Iraqi oil field resumed production [10] Agricultural Products - The Ministry of Agriculture and Rural Affairs will launch a consumption promotion activity for agricultural products. US soybean crushing volume in October and Malaysia's palm oil situation were reported [11][12] Financial News Compilation Open Market - On December 10, the central bank conducted 189.8 billion yuan of 7 - day reverse repurchase operations, with a net injection of 110.5 billion yuan [13] Key News - The Fed cut interest rates, started a short - term Treasury purchase plan, and the dot - plot predicted further rate cuts in 2026 and 2027 [14][15] - China's November CPI rose and PPI fell. The IMF and ADB raised their economic growth forecasts for China and Asia respectively [16][17] - The Ministry of Finance will renew 750 billion yuan of special Treasury bonds and issued 7 billion yuan of RMB Treasury bonds in Hong Kong [17][18] - Some banks' business operations and market - related events such as the launch of green foreign debt business in Shenzhen and the release of a new CDS index were reported [19][20] Bond Market Review - China's bond market continued to be warm, with most interest - rate bond yields falling and Treasury bond futures rising. Money market rates mostly declined [23][24][25] - European bond yields rose, while US bond yields fell [27][28] Foreign Exchange Market Express - The on - shore RMB appreciated against the US dollar, and the US dollar index fell [29] Research Report Highlights - CITIC Securities believes that the RMB's recent appreciation is due to internal economic fundamentals and external factors, which will have an impact on exports and imports [30] - Huatai Securities believes that the global central bank's policy stance may diverge in the next two weeks, and the global manufacturing cycle is expected to recover [30] Today's Reminder - On December 11, a large number of bonds will be listed, issued, have payments made, and have principal and interest repaid [31][32] Stock Market Key News - A - shares recovered after hitting the bottom. The Shanghai Composite Index fell slightly, while the Shenzhen Component Index rose. Real estate stocks rose in the afternoon [33] - The Hong Kong Hang Seng Index rose, with property stocks performing strongly. Southbound funds had a net outflow [33]

Core Viewpoint - The domestic futures market shows a predominantly bearish trend, with the European shipping index futures experiencing fluctuations and a current increase of approximately 3.73% [1] Group 1: Market Performance - The European shipping index futures opened at 1600.3 points, reaching a high of 1641.0 points and a low of 1585.5 points during the trading session [1] - The current market performance indicates a strong upward trend, with expectations of increased volatility in the future [2] Group 2: Institutional Insights - Ruida Futures suggests that improvements in trade tensions and a seasonal peak in shipping demand are influencing the market, but advises caution due to potential volatility and the need for careful monitoring of geopolitical and capacity data [2] - Shenwan Hongyuan Futures expresses skepticism about the upward price potential for December and January, citing historical trends of decreased export volumes from China to Europe in January compared to December [2] - Guotou Anxin Futures highlights a significant increase in market confidence due to Maersk's announced price increase for January, which is expected to boost market sentiment, although actual price support will depend on the verification of seasonal demand characteristics [3]

Market Overview - The A-share market opened with mixed results, with the Shanghai Composite Index down 0.07% and the ChiNext Index up 0.55% [1] - The Hang Seng Index opened lower, down 0.4%, while the Hang Seng Tech Index saw a larger decline of 1% [2][3] - The domestic commodity futures market opened mostly higher, with the shipping index (European line) up 3.76% and coking coal up 1.50% [2] Stock Performance - The stock of Moer Thread surged over 468% upon its debut on the STAR Market, reaching a price of 650 CNY, with a market capitalization nearing 305.5 billion CNY [4][5] - New stock "Encounter Small Noodles" opened down nearly 29% on its first day, while Tianyu Semiconductor fell over 34% on its debut [2] Sector Performance - Lithium battery electrolyte, cross-strait integration, superhard materials, servers, and aquaculture concept stocks weakened, while CPO concept stocks strengthened [1] - In the Hong Kong market, large tech stocks mostly declined, with notable drops in China Aluminum (down 1.35%) and various sectors including shipping, dining, and insurance [2] Bond Market - The bond futures market showed mixed performance, with the 30-year main contract up 0.15% and the 10-year main contract up 0.07% [3][4] Currency Exchange - The RMB/USD central parity rate was reported at 7.0749, a decrease of 16 points from the previous trading day [8]

Core Viewpoint - The shipping index (European line) futures experienced a rapid increase, reaching a peak of 1574.4 points, with a current report of 1565.7 points, reflecting a rise of 2.07% [1] Group 1: Market Analysis - The shipping index's recent rebound is perceived to have limited upward potential due to various market pressures, including geopolitical events and weak consumer demand in Europe and the U.S. [2] - The latest SCFIS European line index stands at 1483.65 points, showing a week-on-week decline of 9.50%, indicating a partial reversal of previous gains [2] - The SCFI European line freight rate was reported at $1404 per TEU, with a week-on-week increase of 2.71%, but overall freight rates remain under pressure due to declining sales orders during the U.S. "Black Friday" [2] Group 2: Future Outlook - There is a focus on potential trading opportunities between February and April, with the market possibly overestimating short-term prices, particularly in light of the delayed Chinese New Year [3] - The shipping companies' pricing strategies, particularly Maersk's aggressive pricing, may limit the ability of other carriers to raise rates, impacting overall market dynamics [3] - The upcoming seasonal demand leading to the Chinese New Year may create incentives for shipping companies to adjust their pricing strategies, with a potential focus on the February-April contracts [3]

Report Overview - The report is a shipping derivatives data daily report focusing on shipping-related indices, futures contracts, and market analysis [4]. Key Data Points Freight Rate Index - **SCFI Composite Index**: Present value is 1394, previous value was 1451, with a decline of -3.98% [4]. - **CCFI Index**: Present value is 1123, previous value was 1094, with an increase of 2.63% [4]. - **SCFI - US West**: Present value is 1645, previous value was 1823, with a decline of -9.76% [4]. - **SCFIS - US West**: Present value is 1107, previous value was 1238, with a decline of -10.58% [4]. - **SCFI - US East**: Present value is 2384, previous value was 2600, with a decline of -8.31% [4]. - **SCFI - Northwest Europe**: Present value is 1367, previous value was 1417, with a decline of -3.53% [4]. - **SCFIS - Northwest Europe**: Present value is 1357, previous value was 1504, with a decline of -9.77% [4]. - **SCFI - Mediterranean**: Present value is 2055, previous value was 2029, with an increase of 1.28% [4]. Futures Contracts - **Contract Prices**: For example, EC2506 present value is 1190.1, previous value was 1252.0, with a decline of -4.94% [4]. - **Contract Holdings**: EC2606 present holding is 2186, previous holding was 1986, an increase of 200 [4]. - **Monthly Spreads**: For 12 - 02, present value is 225.2, previous value was 235.0, a decline of -9.8 [4]. Market Analysis EC Market - **Market Condition**: The market is oscillating weakly. Rumors suggest Maersk's vessels will partially resume sailing through the Suez Canal in early December 2025, and CMA CGM plans full navigation in December [5]. - **Spot Prices**: In early December, MSK quoted 2500, HPL 2350, OOCL 2300, CMA 3550, EMC 3100, ONE 2450, and MSC 2450 [5]. - **Logic**: The future market will be oscillating weakly. Key factors include the implementation of December freight rates, the execution of January price increase letters, and seasonal changes in cargo volume [5]. Strategy - The recommended strategy is to wait and see as the 12 - contract is gradually losing trading value [6].

Group 1: Report Overview - Report Name: Shipping Derivatives Data Daily Report [4] - Date: November 26, 2025 [5] - Data Sources: Clarksons, Wind [5] Group 2: Freight Index Current and Previous Values - Shanghai Export Containerized Freight Index (SCFI) current value: 1394, previous value: 1451, change: -3.98% [5] - China Containerized Freight Index (CCFI) current value: 1123, previous value: 1094, change: 2.63% [5] - SCFI - West Coast of the United States current value: 1645, previous value: 1823, change: -9.76% [5] - SCFIS - West Coast of the United States current value: 1107, previous value: 1238, change: -10.58% [5] - SCFI - East Coast of the United States current value: 2384, previous value: 2600, change: -8.31% [5] - SCFI - Northwest Europe current value: 1367, previous value: 1417, change: -3.53% [5] - SCFIS - Northwest Europe current value: 1357, previous value: 1504, change: -9.77% [5] - SCFI - Mediterranean current value: 2055, previous value: 2029, change: 1.28% [5] Contract Information - Contract EC2506 current value: 1338.0, previous value: 1358.2, change: -1.49% [5] - Contract EC2608 current value: 1464.0, previous value: 1488.1, change: -1.62% [5] - Contract EC2610 current value: 1108.0, previous value: 1110.0, change: -0.18% [5] - Contract EC2512 current value: 1650.0, previous value: 1779.7, change: -7.29% [5] - Contract EC2602 current value: 1453.5, previous value: 1568.6, change: -7.34% [5] - Contract EC2604 current value: 1126.4, previous value: 1142.1, change: -1.37% [5] Position and Spread - EC2606 position current value: 1629, previous value: 1534, change: 95 [5] - EC2608 position current value: 1399, previous value: 1325, change: 74 [5] - EC2610 position current value: 2556, previous value: 2597, change: -41 [5] - EC2512 position current value: 6454, previous value: 6862, change: -408 [5] - EC2602 position current value: 48279, previous value: 43333, change: 4946 [5] - EC2604 position current value: 17016, previous value: 16096, change: 920 [5] - 12 - 02 spread current value: 196.5, previous value: 211.1, change: -14.6 [5] - 12 - 04 spread current value: 523.6, previous value: 637.6, change: -114.0 [5] - 02 - 04 spread current value: 327.1, previous value: 426.5, change: -99.4 [5] Group 3: Market News - The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6] - Iran carried out a maritime attack on a suspicious target approaching Israel in the Gulf of Oman [6] - The ship CMA CGM JULES VERNE/ MEX1 is actually passing through the Red Sea/Suez Canal directly instead of going around the Cape of Good Hope as scheduled [6] Group 4: EC Market Analysis Market Summary - The market is in a downward trend, mainly due to some airlines reducing December prices [7] Spot Prices - In early December, MSK quoted 2500, HPL quoted 2350, 00CL quoted 2300, CMA quoted 3550, EM3 quoted 3100, ONE quoted 2450, and MSC quoted 2450 [7] Market Logic - December freight rate implementation: If leading shipping companies like Maersk maintain quotes between 2400 - 2600 dollars/FEU and there is no large - scale overbooking, the EC near - month contract will continue to be under pressure [7] - January price increase letter implementation: Shipping companies plan to raise prices again in January, but if cargo volume remains weak or shipping company quotes diverge more, the price increase will be harder to implement, limiting the upside of the 02 contract [7] - Seasonal cargo volume changes: December下旬 to January上旬 is the traditional peak season. If there is overbooking, it may briefly boost freight rates [7] Outlook - Short - term strategy is to wait and see, focusing on December freight rate implementation and January price increase letter effectiveness [7] - If December freight rates are implemented at 80% of the quote, the EC2602 contract may test the 1500 - 1700 point range; if price support is successful, the 02 contract may rise to 1800 - 1900 points [7] Strategy - The recommended strategy is to wait and see, as the 12 - contract is gradually losing trading value [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall shipping derivatives market shows a mixed trend. The Shanghai and China export container freight rates have different changes, with some routes experiencing declines and others increases. The EC market is expected to be in a weak - oscillating pattern, and short - term observation is recommended, focusing on the actual implementation of December freight rates and the effectiveness of January price increase letters [5][7]. 3. Summary by Relevant Catalogs 3.1 Shanghai and China Export Container Freight Rates - **Current and Previous Values and Changes**: The current values of the Shanghai Export Container Freight Index (SCFI) and the China Export Container Freight Index (CCFI) are 1394 and 1123 respectively, with the previous values being 1451 and 1094, showing a - 3.98% and 2.63% change. For different routes, SCFI - US West has a current value of 1645, a previous value of 1823, and a - 9.76% change; SCFIS - US West has a current value of 1107, a previous value of 1238, and a - 10.58% change; SCFI - US East has a current value of 2384, a previous value of 2600, and a - 8.31% change; SCFI - Northwest Europe has a current value of 1367, a previous value of 1417, and a - 3.53% change; SCFIS - Northwest Europe has a current value of 1357, a previous value of 1504, and a - 9.77% change; SCFI - Mediterranean has a current value of 2055, a previous value of 2029, and a 1.28% change [5]. 3.2 EC Contracts - **Current and Previous Values and Changes**: For EC contracts, the current values of EC2506, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1358.2, 1488.1, 1110.0, 1779.7, 1568.6, and 1142.1 respectively, with corresponding previous values being 1350.0, 1474.3, 1099.1, 1773.9, 1556.1, and 1133.2, showing changes of 0.61%, 0.94%, 0.99%, 0.33%, 0.80%, and 0.79% [5]. - **Position Changes**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1534, 1325, 2491, 6862, 43333, and 16096 respectively, with the previous positions being 1565, 1324, 2597, 7323, 43433, and 15961, showing changes of - 31, 1, - 106, - 461, - 100, and 135 [5]. - **Monthly Spread Changes**: The current monthly spreads of 12 - 02, 12 - 04, and 02 - 04 are 211.1, 637.6, and 426.5 respectively, with the previous values being 217.8, 640.7, and 422.9, showing changes of - 6.7, - 3.1, and 3.6 [5]. 3.3 Market Outlook and Strategy - **Market Outlook**: The EC market is expected to be in a weak - oscillating pattern. The core driving factors include the implementation of December freight rates, the execution of January price increase letters, and the seasonal change of cargo volume. In the short - term, it is recommended to wait and see, focusing on the actual implementation of December freight rates and the effectiveness of January price increase letters. If the December freight rates are implemented at a 20% discount, the EC2602 contract may test the 1500 - 1700 point range; if the price - holding is successful, the 02 contract may oscillate upwards to the 1800 - 1900 point range [7]. - **Strategy**: It is recommended to wait and see, as the 12 - contract is gradually losing trading value [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market for shipping derivatives shows a mixed performance. The overall trend of the EC market is downward, and the future market will show a volatile and weak pattern. The core driving factors include the implementation of December freight rates, the execution of the January price increase letter, and seasonal changes in cargo volume. It is recommended to wait and see in the short - term, focusing on the actual implementation of December freight rates and the effectiveness of the January price increase letter [7]. 3. Summary by Relevant Content Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) is currently at 1394, down 3.98% from the previous value of 1451; the China Export Container Freight Index (CCFI) is at 1123, up 2.63% from 1094. For different routes, SCFI - West America is at 1645, down 9.76% from 1823; SCFI - East America is at 2384, down 8.31% from 2600; SCFI - Northwest Europe is at 1367, down 3.53% from 1417; SCFIS - Northwest Europe is at 1357, down 9.77% from 1504; SCFI - Mediterranean is at 2055, up 1.28% from 2029 [5]. Energy - Related Contracts - **Price and Position Changes**: For energy - related contracts such as EC2506, EC2608, etc., prices are mostly down. For example, EC2506 is currently at 1350.0, down 2.25% from 1381.1. In terms of positions, EC2608's position increased by 100 to 1324, while EC2512's position decreased by 737 to 7323 [5]. - **Month - Spread Changes**: The 12 - 02 month - spread is currently at 217.8, up 73.1 from 144.7; the 12 - 04 month - spread is at 640.7, up 28.0 from 612.7; the 02 - 04 month - spread is at 422.9, down 45.1 from 468.0 [5]. Market Outlook and Strategy - **Market Outlook**: The EC market's future trend will be volatile and weak. If leading shipping companies like Maersk maintain a quote range of $2400 - 2600/FEU in December and there is no large - scale over - booking, the near - month EC contracts will continue to be under pressure. The implementation of the January price increase letter depends on cargo volume and shipping company quotes. The period from late December to early January is a traditional peak season, and if cargo volume exceeds expectations, it may briefly boost freight rates [7]. - **Strategy**: It is recommended to wait and see, as the 12 - contract is gradually losing trading value. If the December freight rates are implemented at an 80% discount, the EC2602 contract may test the 1500 - 1700 point range; if the price - holding is successful, the 02 contract may rise to 1800 - 1900 points [7][8]. Other Information - The last trading Monday for futures in February 2026 is February 9, and the last trading day for the Container Shipping Index (European Line) Futures BC2602 contract is also February 9, 2026 [6]. - There are events such as Iran's actions in the Oman Bay and a ship's actual route deviation from the schedule [6].

Group 1: Report Overview - Report Title: Shipping Derivatives Data Daily Report [4] - Research Institution: Guomao Futures Research Institute, Energy and Chemical Research Center [5] - Date: November 20, 2025 [5] Group 2: Shipping Index Data Spot Freight Index - **Shanghai Containerized Freight Index (SCFI)**: Current value is 1451, down 2.92% from the previous value of 1495 [5] - **China Containerized Freight Index (CCFI)**: Current value is 1094, up 3.39% from the previous value of 1058 [5] - **SCFI - US West Coast**: Current value is 1823, down 17.59% from the previous value of 2212 [5] - **SCFIS - US West Coast**: Current value is 1238, down 6.85% from the previous value of 1329 [5] - **SCFI - US East Coast**: Current value is 2600, down 8.71% from the previous value of 2848 [5] - **SCFI - Northwest Europe**: Current value is 1417, up 7.11% from the previous value of 1323 [5] - **SCFIS - Northwest Europe**: Current value is 1357, down 9.77% from the previous value of 1504 [5] - **SCFI - Mediterranean**: Current value is 2029, unchanged from the previous value [5] Futures Contract Data - **Contract Prices**: EC2506 at 1382.0 (down 0.22%), EC2608 at 1490.1 (down 1.29%), EC2610 at 1110.0 (down 0.18%), EC2512 at 1763.3 (down 0.35%), EC2602 at 1640.1 (down 2.26%), EC2604 at 1162.7 (down 1.43%) [5] - **Contract Positions**: EC2606 at 1582 (down 3), EC2608 at 1212, EC2610 at 2520, EC2512 at 9568 (down 864), EC2602 at 40244 (up 1384), EC2604 at 15944 (down 201) [5] - **Monthly Spreads**: 12 - 02 at 123.2 (up 31.8), 12 - 04 at 600.6 (up 10.7), 02 - 04 at 477.4 (down 21.1) [5] Group 3: Market News and Events - **Holiday Arrangement**: The last trading Monday in February 2026 for container shipping index (European line) futures EC2602 is February 9 [6][8] - **Geopolitical Event**: Iran carried out a maritime attack near the Oman Gulf targeting Israel [6] - **Shipping Route Change**: CMA CGM JULES VERNE/ MEX1 is directly passing through the Red Sea/Suez Canal instead of rounding the Cape of Good Hope as scheduled [6] Group 4: Spot Price and Market Logic - **Spot Prices**: In late November, NSK quoted 2020, HPL 2850, 00CL 2300, CMA 3150, MSC 2350, HML 2500, YML 2550, ONE 2650; in early December, MSK quoted 3200, HPL 3250, ONE 2450 (MSK's final December quote was 2500) [7] - **Market Logic**: There are still expected 1 - 2 rounds of price increases during the peak season. The price increases in early December conflict with the price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the December price hikes. The timing and magnitude of the peak price in December are uncertain [7] Group 5: Contract Adjustment and Strategy - **Contract Adjustment**: The final trading day of the container shipping index (European line) futures EC2602 is February 9, 2026. The delivery settlement price is now calculated based on the weighted average of the underlying index prices on January 26, February 2, and February 9, 2026, instead of February 9, 16, and 23. This adjustment is favorable for the EC2602 contract, but investors should avoid chasing high prices [8] - **Investment Strategy**: Adopt a wait - and - see approach as the EC2512 contract is gradually losing trading value [9]

Report Overview - The report is a shipping derivatives data daily report from Guomao Futures Research Institute's Energy and Chemical Research Center [3][4] Shipping Derivatives Data Freight Rate Index - The current values of the comprehensive Shanghai Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - West Coast of the United States, SCFIS - West Coast of the United States, SCFI - East Coast of the United States, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1451, 1094, 1823, 1329, 2600, 1417, 1504, and 2029 respectively [5] - The previous values are 1495, 1058, 2212, 1208, 2848, 1323, 1208, and 2029 respectively [5] - The percentage changes are -2.92%, 3.39%, -17.59%, 10.02%, -8.71%, 7.11%, 24.50%, and 0.00% respectively [5] Futures Contracts - For futures contracts like EC2506, EC2608, etc., the current values, previous values, and percentage changes vary. For example, EC2506 has a current value of 1380.7, a previous value of 1364.7, and a percentage change of 1.17% [5] - Regarding the contract positions, the current and previous positions and their changes are also provided. For instance, EC2606's current position is 1623, the previous position is 1567, and the change is 56 [5] - The current values of the monthly spreads (12 - 02, 12 - 04, 02 - 04) are 150.3, 612.0, and 461.7 respectively, with previous values of 112.8, 577.4, and 464.6 and changes of 37.5, 34.6, and -2.9 respectively [5] Market News - The last trading day of the container shipping index (European line) futures EC2602 contract is February 9, 2026 [6] - Iran carried out a reported near - sea attack on Israel in the Gulf of Oman [6] - The ship CMA CGM JULES VERNE/ MEX1, which was scheduled to go around the Cape of Good Hope, is actually heading directly through the Red Sea/Suez Canal [6] Market Analysis - The market shows a pattern of near - term strength and long - term weakness [7] - In late November, the spot prices of different shipping companies vary: MSK quotes 2250, HPL quotes 3150, CMA quotes 3200, YML quotes 250, and OVE quotes 2600, and shipping companies are starting to announce price increases [8] - It is expected that there will be 1 - 2 more price increases during the peak season, but the price increases announced by shipping companies in early December conflict with the current price differentiation in late November. The loading situation in November needs to be monitored to see if it can support the price increases in December. The peak price and time in December are uncertain [8] Strategy - The recommended strategy is to wait and see [9]