Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The retracement may be in place, and the main contract has rebounded continuously. It is recommended to take a small - position long in the main contract and focus on the pre - Spring Festival shipping market. The freight rate has no obvious fluctuation. The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract has shown a seasonal rebound, and it is suggested to participate with a small position [2][4] - With the interweaving of long and short information such as some liner companies' price increase announcements and the decline of the latest SCFIS index, the contracts rise and fall differently. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [4] 3. Summary by Related Content 3.1 Freight Index Information - On December 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1483.65 points, down 9.5% from the previous period; the SCFIS for the US - West route was 948.77 points, down 14.4% from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [3] - On November 28, the Shanghai Export Container Freight Index (SCFI) announced price was 1403.13 points, up 9.57 points from the previous period; the SCFI European line price was 1404 USD/TEU, up 2.71% from the previous period; the SCFI US - West route was 1632 USD/FEU, down 0.79% from the previous period. The China Export Container Freight Index (CCFI) composite index was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [3] 3.2 Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the manufacturing prosperity level declined. The composite PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises were stable [4] - In the US in October, the S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous value 54.2); the manufacturing PMI preliminary value was 52.2 (expected 52, previous value 52); the composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [4] - In the eurozone in October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45); the services PMI preliminary value was 51.2 (expected 51.5, previous value 51.4); the composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [3] 3.3 Contract Information - On December 2, the main contract 2602 closed at 1534.2, with a gain of 2.16%, a trading volume of 24,700 lots, and an open interest of 36,300 lots, a decrease of 1882 lots from the previous day [4] 3.4 Strategy Suggestions - **Short - term strategy**: For risk - preference investors, it is recommended to take a small - position long in the main contract. When the market dips slightly, do not add more positions, do not hold losses, and set stop - losses [5] - **Arbitrage strategy**: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a small position [5] - **Long - term strategy**: It is recommended to take profits when each contract rises to a high level, wait for the callback to stabilize, and then judge the subsequent direction [5] 3.5 Other Information - Some liner companies have announced price increases for late December, but the latest SCFIS index is declining, with long and short information intertwined, and the contracts rise and fall differently [4] - The Iran - Israel situation: Iran is seeking to restore its military potential and re - arm regional forces to confront Israel, including restoring the military capabilities of the Houthi armed forces and smuggling weapons to the West Bank for attacks on Israel [6] - The daily limit for contracts 2508 - 2606 is adjusted to 18%, the margin of the company for these contracts is adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The main contract is in a weak state, and the far - month contracts are relatively strong, indicating that the main contract may be in the bottom - building process. It is recommended to participate with a light position or wait and see. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][4]. - In the short term, risk - takers are advised to try to build a position when the EC2512 contract is below 1500. In the long term, it is recommended to take profits when the contracts rise and wait for the subsequent direction after the callback stabilizes. For the arbitrage strategy, it is recommended to wait and see or try with a light position [5]. 3. Summary by Related Content 3.1 Freight Index - On October 13, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1031.8 points, down 1.4% from the previous period; the SCFIS for the US West route was 862.48 points, down 1.6% from the previous period. On October 10, the Shanghai Export Container Freight Index (SCFI) was 1160.42 points, up 45.90 points from the previous period. The SCFI European line price was 1068 USD/TEU, up 9.9% from the previous period; the SCFI US West route was 1468 USD/FEU, up 10.76% from the previous period [3]. - On October 10, the Ningbo Export Container Freight Index (NCFI) (composite index) was 818.97 points, up 11.50% from the previous period; the NCFI (European route) was 698.67 points, up 11.39% from the previous period; the NCFI (US West route) was 844.43 points, down 0.34% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1014.78 points, down 6.7% from the previous period; the CCFI (European route) was 1287.15 points, down 8.2% from the previous period; the CCFI (US West route) was 777.77 points, down 5.7% from the previous period [3]. 3.2 Economic Data - The preliminary value of the Eurozone's manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary value of the service industry PMI rose from 50.5 to 51.4, exceeding expectations of 50.5. The preliminary value of the Eurozone's composite PMI in September was 51.2, exceeding analysts' expectations. The Eurozone's Sentix investor confidence index in September was - 9.2, with an expected value of - 2 and a previous value of - 3.7 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. - The preliminary value of the US S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary value of the service industry PMI was 53.9 (the final value in August was 54.5); the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. 3.3 Market Conditions - On October 10, the main contract 2512 closed at 1570.0, down 3.04%, with a trading volume of 31,500 lots and an open interest of 28,100 lots, an increase of 3834 lots from the previous day [4]. - The situation in the Middle East is improving, but the overall atmosphere is still bearish, and the market is under pressure to decline [4]. 3.4 Policy Adjustments - The daily limit and circuit - breaker for contracts from 2508 to 2606 are adjusted to 18%. - The margin of the company for contracts from 2508 to 2606 is adjusted to 28%. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [5]. 3.5 Geopolitical Situation - On October 10, there were reports that Israel's military would withdraw to the "pre - withdrawal line" area soon, and the cease - fire agreement between Israel and Hamas had taken effect. However, there were also reports that Israeli military attacks on multiple areas in Gaza continued [6].

Group 1 - The core viewpoint of the article highlights a strong rebound in the shipping market, with the main futures contract closing with a gain of 15.38%, leading the market [1] Group 2 - The article raises questions about the future outlook for the shipping market following this significant increase in contract prices [1]