受中东地区冲突影响，A股航运板块近期出现大幅波动。 3月5日上午，航运板块开盘后持续走低，招商南油（601975.SH）、锦江航运（601083.SH）、招商港口（001872.SZ）等个股下跌，午后虽然一度出现较大 反弹，但至收盘时，中证航运指数仍下跌2.77%。 地区冲突已对部分航运公司业务造成实质性影响。3月4日晚，中国远洋海运集团（下称"中远海运"）称，鉴于中东地区冲突持续升级，霍尔木兹海峡海上交 通受到限制，即日起暂停全球至阿联酋（富查伊拉、豪尔费坎除外）、卡塔尔、巴林、伊拉克、沙特（吉达除外）、科威特等相关航线的所有新订舱业务。 针对这次业务调整的影响，第一财经记者以投资者身份致电中远海运所属四家上市公司。各家公司均称，目前生产经营正常，对财务数据的影响仍有待观 察。 某航运领域资深人士告诉第一财经记者，眼下，前往中东的航线受阻严重，"所有前往中东的航线均已暂停，一些在途船只甚至已经掉头返回"。该人士还 称，目前行业普遍处于观望状态，"到底是花高价送到一个远离目的地的港口再进行复杂转运，还是再等一等，说不定航线就恢复了"，当前相关航线的油价 与战争附加费均有所增长，且定价模式已转变为"一客一议"。 ...

面对剧烈波动的行情，多家机构提示投资者需区分"情绪博弈"与"基本面逻辑"。 受中东地区冲突影响，A股航运板块近期出现大幅波动。 3月5日上午，航运板块开盘后持续走低，招商南油（601975.SH）、锦江航运（601083.SH）、招商港 口（001872.SZ）等个股下跌，午后虽然一度出现较大反弹，但至收盘时，中证航运指数仍下跌2.77%。 地区冲突已对部分航运公司业务造成实质性影响。3月4日晚，中国远洋海运集团（下称"中远海运"） 称，鉴于中东地区冲突持续升级，霍尔木兹海峡海上交通受到限制，即日起暂停全球至阿联酋（富查伊 拉、豪尔费坎除外）、卡塔尔、巴林、伊拉克、沙特（吉达除外）、科威特等相关航线的所有新订舱业 务。 针对这次业务调整的影响，第一财经记者以投资者身份致电中远海运所属四家上市公司。各家公司均 称，目前生产经营正常，对财务数据的影响仍有待观察。 某航运领域资深人士告诉第一财经记者，眼下，前往中东的航线受阻严重，"所有前往中东的航线均已 暂停，一些在途船只甚至已经掉头返回"。该人士还称，目前行业普遍处于观望状态，"到底是花高价送 到一个远离目的地的港口再进行复杂转运，还是再等一等，说不定航线就恢复 ...

| | | | | | | 研究中心能化团队 | | | 2026/3/4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 EC2604 | | 昨日收盘价 1644.8 | 涨跌 15.09% | 基差 -181.4 | 昨日成交量 17836 | | 昨日持仓量 44074 | 持仓变动 -2169 | | | EC2605 EC2606 | | 1902.0 2181.7 | 16.16% 15.75% | -438.6 -718.3 | ਦੇਰੇਤ 3269 | | 1160 20446 | -134 -321 | | | EC2607 | | 2416.0 | 15.37% | -952.6 | 233 | | 382 | -28 | | | EC2608 | | 2277.6 | 15.01% | -814.2 | 844 | | 2141 | 39 | | | EC2609 | | 1699.7 | 13.50% | -236.3 | 144 | | 257 | 18 | | 期景 | EC2610 | ...

2026.03. 04 中东地缘冲突持续发酵，霍尔木兹海峡等关键航道风险升温。在此背景下，集运指数（欧线）期货合 约连续两日全线涨停，A股海运板块涨幅居前。 3月3日，集运指数（欧线）期货主力合约连续两个交易日涨停，涨幅为18%，收报1644.8点。A股 市场，海运板块多只个股涨势不俗，招商轮船（601872.SH）、锦江航运（601083.SH）、中远海 能（600026.SH）、宁波远洋（601022.SH）、招商南油（601975.SH）等涨停。 多位期货分析人士认为，此轮大涨主要受地缘风险情绪驱动，叠加船公司提价预期与绕行成本抬升影 响，但当前欧线处于传统淡季，船公司提价或较难落地。后续需持续关注冲突演变路径以及持续时 间，短期市场仍将处于高波动博弈状态。 中东冲突下，航运产业链各环节正处于高度不确定和策略分化的状态。据受访人士观察，船公司行动 与策略出现显著分歧，贸易商普遍面临履约困难与成本压力上升的双重挑战，企业采购与发货节奏被 打乱。 面对极端市场波动与地缘冲突交织的多重不确定性，航运全产业链各参与主体的应对之策也成为市场 关注的焦点。 连续涨停下的"强预期、弱现实" 本文字数：3834，阅读时 ...

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 Interpretation of EC Contract Rule Adjustments EC 合约规则调整解读 | 武嘉璐 | Wu | Jialu | 从业资格号 | Qualification | No：F03100682 | 投资咨询号 | Consulting No.：Z0021085 | | --- | --- | --- | --- | --- | --- | --- | --- | | 安崨锐 | An | Jierui | 从业资格号 | Qualification | No：F03117373 | 投资咨询号 | Consulting No.：Z0022651 | | 桂晨曦 | Gui | Chenxi | 从业资格号 | Qualification | No：F3023159 | 投资咨询号 | Consulting No：Z0013632 | Read more English repo ...

银河期货 / 研究所 ◇ 航运研发报告 航运及碳排放日报 2026年3月2日 航运及碳排放日报 研究员: 贾瑞林 朗货从亚证号: F3084078 投资咨询证号: Z0018656 -部分 集装箱航运 -- 集运指数 (欧线) 第一 | 银 河 期 货 集 运 指 数 （ 欧 线 ） 日 报 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨 跌 | 涨 跌 幅 | 成交量(手) | 増 減 幅 | 持 仓 量 (手 | 増 減 幅 | | EC2604 | 1,429.2 | 204.8 | 16.73% | 81,309.0 | 153.59% | 46,243.0 | 24.16% | | EC2605 | 1,637.4 | 232.3 | 16.53% | 2,063.0 | 1189.38% | 1,294.0 | 212.56% | | EC2606 | 1,885.1 | 255.5 | 15.68% | 16,174.0 | 256. ...

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - MSK's price quotes for the first week of March remain mostly the same, weakening the price - increase expectation, and the EC futures market is expected to continue to fluctuate weakly. Given the off - season in April and ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines for unilateral trading and conduct rolling operations on the 6 - 10 calendar spread [6][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Line) 3.1.1 Futures Market - The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of different EC futures contracts are presented. For example, EC2604 closed at 1,177.9 points, down 0.09% from the previous day, with a trading volume of 17,204.0 lots (down 41.80%) and an open interest of 33,027.0 lots (down 2.57%) [3]. - The price differences and their changes between different futures contracts are also provided. For instance, the price difference between EC04 and EC06 is - 323, down 2.3 [3]. 3.1.2 Container Freight Rates - Weekly container freight rates and their week - on - week and year - on - year changes are given. The SCFIS European Line index is 1657.94 points, down 7.49% week - on - week and 29.54% year - on - year. SCFI: Shanghai - Europe is 1403 USD/TEU, down 1.06% week - on - week and 34.65% year - on - year [3]. 3.1.3 Fuel Costs - The prices, week - on - week, and year - on - year changes of WTI and Brent crude oil near - month contracts are provided. WTI crude oil near - month contract is at 64.07 dollars per barrel, down 0.48% week - on - week and 10.78% year - on - year; Brent crude oil near - month contract is at 68.41 dollars per barrel, down 0.13% week - on - week and 9.2% year - on - year [3]. 3.2 Market Analysis and Strategy Recommendations 3.2.1 Market Analysis - Spot freight rates are weak, with the price - increase expectation weakening. MSK's WK10 Shanghai - Rotterdam quote is 2000 USD/40HC, the same as last week. From a fundamental perspective, demand is peaking and then declining, and the overall shipping capacity deployment has little change compared to the previous period. Geopolitical situations are volatile, and it is still difficult for a large - scale resumption of European - line shipping in the first half of the year [6][7]. 3.2.2 Strategy Recommendations - Unilateral trading: Given that Maersk's freight rates in March are mostly unchanged and it is the off - season in April, the market is expected to fluctuate. Due to ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines [8]. - Arbitrage: Conduct rolling operations on the 6 - 10 calendar spread [9]. 3.3 Industry News - Local time on the 10th, US President Trump stated that "Iran will not have nuclear weapons or missiles." Iranian officials said that if the US - Iran nuclear talks are successful, the dialogue may expand to other areas. Trump said that if the talks fail, he might send another aircraft carrier strike group to the Middle East [10][11]. 3.4 Related Attachments - Multiple charts are presented, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates for different routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe. There are also charts showing the basis of EC04 and EC06 contracts [13][15][20].

研究所 航运研发报告 航运日报 2026 年 2 月 10 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2604 | 1,179.0 | -59.0 | -4.77% | 29,560.0 | 105.51% | 33,899.0 | 8.89% | | EC2605 | 1,273.0 | 1,273.0 | / | 271.0 | / | 228.0 | / | | EC2606 | 1,499.8 | -53.2 | -3.43% | 4,155.0 | 88.35% | 14,740.0 | 0.10% | | EC2 ...

研究所 航运研发报告 航运日报 2026 年 2 月 9 日 航运日报 第一部分 集装箱航运——集运指数（欧线） 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn | 银河期货集运指数 | | | | （欧线） 日报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货合约 | 收盘价 | 涨跌 | 涨跌幅 | 成交量（手） | 增减幅 | 持仓量(手) | 增减幅 | | EC2602 | 1,756.0 | 16.1 | 0.93% | 124.0 | -44.39% | 1,437.0 | 0.56% | | EC2604 | 1,238.0 | 6.8 | 0.55% | 14,384.0 | -51.16% | 31,132.0 | -0.94% | | EC2606 | 1,553.0 | 22.0 | 1.44% | 2,206.0 | -54.98% | 14,726.0 | -0.5 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The EC futures market is in a state of continuous game regarding future shipping company resumptions. The EC futures market maintains an overall volatile trend, influenced by factors such as shipping company resumptions, geopolitical situations, and seasonal patterns [6][7]. - The spot market is in a downward trend, with freight rates expected to remain stable around the Spring Festival and decline during the post - Spring Festival off - season. Attention should be paid to the resumption plans of shipping companies in the Red Sea [7][8]. 3. Summary by Directory 3.1 Container Shipping - Container Freight Index (European Line) - **Futures Market Data** - Various EC futures contracts show different closing prices, price changes, trading volumes, and open interest changes. For example, EC2604 closed at 1,247.6 points on February 4, up 0.78% from the previous day [4]. - The month - spread structure of futures contracts also shows different price differences and changes [4]. - **Container Freight Rates** - Most container freight rates are showing a downward trend. For example, the SCFIS European Line index was 1,792.14 points, down 3.61% month - on - month and 21.20% year - on - year [4]. - **Fuel Costs** - WTI and Brent crude oil prices show different degrees of month - on - month increases and year - on - year decreases [4]. 3.2 Market Analysis and Strategy Recommendations - **Market Analysis** - MSK announced the resumption of the ME11 route in February, but the geopolitical situation may offset some of the resumption expectations. The market is continuously gaming the future resumptions of shipping companies [6]. - The spot market is in a downward trend, with demand peaking and then declining, and supply increasing in March. Geopolitical situations are volatile, and weather conditions affect port operations [7]. - **Trading Strategies** - Unilateral trading: Temporarily hold off on trading due to the suppression of far - month contracts by resumption progress and the continued game of near - month contracts on geopolitical factors [9]. - Arbitrage trading: After taking profits on the 6 - 10 positive spread at high prices, temporarily hold off on trading and wait for opportunities to roll over at low prices [10]. 3.3 Industry News - On February 3, 2026, Maersk and Hapag - Lloyd announced the resumption of the ME11/IMX India - Mediterranean route via the Suez Canal, and the resumptions of the AE12/SE1 and AE15/SE3 routes are under coordination [11]. - The Italian dockworkers' union announced a 24 - hour general strike on February 6, 2026, covering all ports [11]. 3.4 Related Attachments - There are multiple charts showing the trends of container freight indices and prices, such as the SCFIS European Line index, SCFIS US West Line index, and SCFI comprehensive index [12][19][22].