Group 1: Report's Core View - The spot freight rate for large containers in the European container shipping line is expected to remain around $2,080 at the end of February, corresponding to about 1,400 points, and the actual discount margin has narrowed. The spot market has limited drivers for speculation due to the expected off - season. Maersk's cabin opening for the first week of March at a flat price of $1,900 may indicate the falsification of price - support efforts, but the market is expected to be volatile before the holiday. After the holiday, it will be the verification period for the rush - export of photovoltaic products and the actual implementation of the March price increase letters. Pay attention to the potential falsification of expectations from the spot market after the holiday [1] Group 2: EC Contract Volume and Price - EC2604: The latest transaction price is 1,258.9 points, with a daily increase of 6.4%. The trading volume is 36,394 (a change of 19,190 from the previous period), and the open interest is 31,021 (a decrease of 2,006 from the previous period). The net long position of the top 20 members is - 2,767 [2] - EC2606: The latest transaction price is 1,566.1 points, with a daily increase of 4.78%. The trading volume is 4,232 (an increase of 577 from the previous period), and the open interest is 13,387 (a decrease of 798 from the previous period) [2] - EC2608: The latest transaction price is 1,632 points, with a daily increase of 3.11%. The trading volume is 452 (an increase of 189 from the previous period), and the open interest is 1,402 (an increase of 31 from the previous period) [2] - EC2610: The latest transaction price is 1,131.1 points, with a daily increase of 1.69%. The trading volume is 1,230 (an increase of 276 from the previous period), and the open interest is 8,090 (a decrease of 218 from the previous period) [2] - EC2612: The latest transaction price is 1,425.4 points, with a daily increase of 2.89%. The trading volume is 15 (an increase of 6 from the previous period), and the open interest is 122 (a decrease of 3 from the previous period) [2] - Total: The total trading volume is 42,323, and the total open interest is 54,022. The net long position of the top 20 members is - 2,767 [2] Group 3: Latest Spot Freight Rates - European Routes - Weekly Spot Index: SCFIS is 1,657.94 points, with a week - on - week decrease of 7.5%; SCFI is $1,403/TEU, with a week - on - week decrease of 1.1% [4] - Daily Spot Freight Rates: TCI(20GP) is $1,568/TEU, with no change; TCI(40GP) is $2,630/FEU, with no change [4] - Basis Spread: The basis spread of the previous trading day is 399.04 points, a decrease of 81 points from the day before the previous trading day [4]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The spot freight rate for the European container shipping route is expected to continue declining before the Spring Festival. The average price of 40 - foot containers in the third week of February will drop to around $2080. There is currently a discount of about 200 - 300 points in the market. With a deep discount and strong expectations, there is relatively little room for real - level gaming, and the focus is more on the expected - level gaming [1]. - The market is highly correlated with the sentiment of the commodity market recently. Attention should be paid to the intraday impact of commodity sentiment on the EC. The main event at the expected level is the pre - April 1 export rush of products such as photovoltaic. It may bring the cargo volume equivalent to about 2 container ships of 18,000 - 23,000 TEU, which is unlikely to cause full - load cabins in the post - holiday off - season but may lead to price increases by shipping companies, price stabilization, or even a slight upward trend in freight rates. Attention should be paid to the release of shipping companies' price increase notices and the possible falsification of expectations [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2602: The latest trading price is 1737.8 points, with a daily increase of 1.15%. The trading volume is 612 (a decrease of 318 compared to the previous period), and the open interest on one side is 1883 (a decrease of 456 compared to the previous period). The net long position of the top 20 members is - 205 [2]. - EC2604: The latest trading price is 1237.9 points, with a daily increase of 5.22%. The trading volume is 29296 (a decrease of 3522 compared to the previous period), and the open interest on one side is 34229 (an increase of 423 compared to the previous period). The net long position of the top 20 members is - 1655 [2]. - EC2606: The latest trading price is 1533.7 points, with a daily increase of 2.57%. The trading volume is 3147 (a decrease of 2797 compared to the previous period), and the open interest on one side is 13458 (an increase of 860 compared to the previous period). The net long position of the top 20 members is 0 [2]. - EC2608: The latest trading price is 1597.9 points, with a daily increase of 1.32%. The trading volume is 353 (a decrease of 778 compared to the previous period), and the open interest on one side is 1479 (an increase of 29 compared to the previous period) [2]. - EC2610: The latest trading price is 1128.6 points, with a daily increase of 1.37%. The trading volume is 1355 (a decrease of 1149 compared to the previous period), and the open interest on one side is 7677 (a decrease of 207 compared to the previous period) [2]. - EC2612: The latest trading price is 1439 points, with a daily increase of 3.18%. The trading volume is 29 (a decrease of 11 compared to the previous period), and the open interest on one side is 128 (an increase of 7 compared to the previous period) [2]. - Total: The total trading volume is 34792, and the total open interest on one side is 58854. The net long position of the top 20 members is - 1860 [2]. Latest Spot Freight Rates - European Routes - Weekly Spot Index: The SCFIS is 1792.14 points, with a week - on - week decrease of 3.6%. The SCFI is $1418/TEU, with a week - on - week decrease of 4.8% [4]. - Daily Spot Freight Rates: The TCI (20GP) is $1604/TEU, with a day - on - day decrease of 3.3%. The TCI (40GP) is $2725/FEU, with a day - on - day decrease of 2.4% [4]. Basis Spread - The basis of the previous trading day was 554.24 points, and the basis of the day before the previous trading day was 607.54 points, with a change of - 53.3 points [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The EC of container shipping to Europe has dropped by 0.11%. Due to the approaching Spring Festival, shipping companies face increasing pressure to secure cargo and need to build rolling spaces for the holiday. Led by Maersk's price cut, pre - holiday freight rates have entered the traditional off - season decline channel. However, the market's focus is on the potential price increase after the Spring Festival due to the rush to transport photovoltaic products. The 04 contract is about 300 points lower than the spot price, and the low valuation supports the market. In 2025, shipping companies announced price increases in March and April, and this year there is an additional rush of exports of photovoltaic products. Before seeing the shipping companies' price - increase plans or a substantial increase in cargo volume from the export rush, the 04 contract is expected to fluctuate [2]. 3. Summary by Relevant Catalog Contract Volume and Price - **EC2602**: The latest trading price is 1717.5 points, with a decline of 0.47%. The trading volume is 984 (a decrease of 419 compared to the previous period), and the single - sided open interest is 3495 (a decrease of 730 compared to the previous period). The net long position of the top 20 members is - 85 [3]. - **EC2604**: The latest trading price is 1193.9 points, with a decline of 0.11%. The trading volume is 25043 (a decrease of 18129 compared to the previous period), and the single - sided open interest is 38647 (a decrease of 3043 compared to the previous period). The net long position of the top 20 members is - 2611 [3]. - **EC2606**: The latest trading price is 1442.2 points, with a decline of 0.24%. The trading volume is 2566 (a decrease of 1917 compared to the previous period), and the single - sided open interest is 7912 (an increase of 588 compared to the previous period). The net long position of the top 20 members is 0 [3]. - **EC2608**: The latest trading price is 1528.4 points, with an increase of 0.82%. The trading volume is 248 (a decrease of 366 compared to the previous period), and the single - sided open interest is 1482 (a decrease of 33 compared to the previous period) [3]. - **EC2610**: The latest trading price is 1112 points, with an increase of 0.29%. The trading volume is 1010 (a decrease of 1138 compared to the previous period), and the single - sided open interest is 8511 (a decrease of 54 compared to the previous period) [3]. - **EC2612**: The latest trading price is 1374.7 points, with an increase of 0.50%. The trading volume is 23 (a decrease of 15 compared to the previous period), and the single - sided open interest is 123 (a decrease of 1 compared to the previous period) [3]. - **Total**: The total trading volume is 29874, and the total single - sided open interest is 60170. The net long position of the top 20 members is - 2696 [3]. Spot Freight Rates - **Weekly Spot Index**: The SCFIS is 1859.31 points, with a decline of 4.9% compared to the previous period; the SCFI is $1595/TEU, with a decline of 2.5% compared to the previous period [3]. - **Daily Spot Freight Rates**: The TCI(20GP) is $1688/TEU, with an increase of 0.3% compared to the previous period; the TCI(40GP) is $2837/FEU, with an increase of 0.4% compared to the previous period [3]. Basis and Spread - The basis of the previous trading day is 665.41, and the basis of the day before the previous trading day is 659.11, with a change of 6.3 [4]. - Information on the spreads between different contracts such as EC2604 - EC2602, EC2606 - EC2604, etc. is presented in the form of a chart [4].

Report Industry Investment Rating - No relevant information provided Core View of the Report - The EC of the container shipping European line declined, with the 08 contract closing at 2001.5 points, a decrease of 2.10%. After the China-US economic and trade talks in Geneva in mid-May, the main 08 contract reached a high of over 2400 points, corresponding to a large container freight rate of about $3700. The average price of large containers in the second half of June was $3000, a difference of about $700. From the price increase in June to the end of the month, the monthly increase in large container prices was about $1000. Currently, the 08 contract basically follows the spot freight rate fluctuations, and whether it can break through the previous high depends on the price increases and implementation in July and August. The capacity in the 23rd week was partially increased to the 24th and 25th weeks, causing a sharp increase in capacity in these two weeks, especially in the 24th week when the deployed capacity exceeded 350,000 TEU. As the shipping date approaches, the capacity deployment rhythm in June also adds pressure to the freight rate increase in July. Shipping companies are not restrained in capacity deployment. The current market valuation is relatively neutral but the expectation is weak. It is expected to continue the volatile pattern, and shorting opportunities on rallies can be considered [1]. Summary by Related Catalogs EC Contract Volume and Price - The latest transaction price of EC2506 was 1926 points, with a decline of 0.79%, a trading volume of 1568 (a decrease of 280 compared to the previous period), and an open interest of 6764 (a decrease of 504 compared to the previous period). The net long position of the top 20 members was 100 [2]. - The latest transaction price of EC2508 was 2001.5 points, with a decline of 2.10%, a trading volume of 55132 (a decrease of 4576 compared to the previous period), and an open interest of 44603 (a decrease of 891 compared to the previous period). The net long position of the top 20 members was -1907 [2]. - The latest transaction price of EC2510 was 1371.1 points, with an increase of 1.38%, a trading volume of 12283 (an increase of 2456 compared to the previous period), and an open interest of 25054 (an increase of 871 compared to the previous period). The net long position of the top 20 members was 0 [2]. - The latest transaction price of EC2512 was 1554.9 points, with an increase of 0.94%, a trading volume of 2014 (an increase of 557 compared to the previous period), and an open interest of 4730 (an increase of 93 compared to the previous period) [2]. - The latest transaction price of EC2602 was 1402.4 points, with an increase of 1.22%, a trading volume of 393 (an increase of 67 compared to the previous period), and an open interest of 2869 (an increase of 49 compared to the previous period) [2]. - The latest transaction price of EC2604 was 1242.9 points, with an increase of 1.34%, a trading volume of 524 (an increase of 113 compared to the previous period), and an open interest of 3384 (a decrease of 21 compared to the previous period) [2]. - The total trading volume was 71914, and the total open interest was 87404. The total long positions of the top 20 members were 28317, the total short positions were 30124, and the net long position was -1807 [2]. Latest Spot Freight Rates - European Routes - The latest SCFIS index was 1622.81 points, with a weekly increase of 29.5%. The SCFI was $1667/TEU, with a weekly increase of 5.0%. The TCI (20GP) was $1849/TEU, with a daily increase of 0.0%. The TCI (40GP) was $2980/FEU, with a daily increase of 0.0% [4]. Basis Spread - The basis of the previous trading day was -378.69 points, and the basis of the day before the previous trading day was -419.29 points, with a change of 40.6 points [6]. Spot Market Data - The deployed capacity on the Asia-Europe route was 511,798 TEU, a decrease of 3002 TEU compared to the previous period. The idle capacity ratio was 1.7%. The average sailing speed of container ships was 13.88 knots, and the average sailing speed of container ships over 17000 TEU was 15.46 knots [7]. - The in-port capacity in Rotterdam was 232,100 TEU, in Hamburg was 108,300 TEU, and in Singapore was 358,600 TEU. The number of ships bypassing the Aden Gulf was 8, the northbound traffic volume through the Suez Canal was 1, and the southbound traffic volume was 2 [7]. - The regular charter rates for 9000 TEU (6 - 12 months) were $104,000 per day, for 6500 TEU were $68,500 per day, and for 2500 TEU were $34,750 per day [7].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The EC of container shipping to Europe rebounded during the session, with the 08 contract closing at 2100.2 points, a slight increase of 0.76%. CMA CGM took the lead in announcing an increase in the peak - season surcharge (PSS) for the Asia - Europe route, indicating the shipping companies' intention to raise and support prices during the traditional peak season, so there is no need to be overly pessimistic about the peak season [1]. - MSC has announced a price increase notice for the second half of June, with the 40 - foot container quoted at $3900, higher than the current average price of about $1400 in the first half of the month. Although the full implementation probability is low, it is expected to further push up freight rates under the relatively low capacity deployment in the second and third weeks of June [1]. - The 06 contract has basically entered the delivery logic, with limited expected actual fluctuations. The 08 contract will continue to be anchored to the actual progress of the peak season on the European route, and it also prices in the freight rate decline after the peak season in August. The current market valuation is relatively neutral, and it is recommended to continue to pay attention to the low - level long - allocation opportunities after the market returns to the actual anchor [1]. Summary by Related Catalogs EC Contract Volume and Price - EC2506: The latest成交价 is 1894.1 points, with a daily increase of 3.02%. The trading volume is 5349 (a decrease of 2006 compared to the previous period), and the unilateral open interest is 10553 (a decrease of 484 compared to the previous period). The net long position of the top 20 members is - 516 [2]. - EC2508: The latest成交价 is 2100.2 points, with a daily increase of 0.76%. The trading volume is 86405 (a decrease of 16342 compared to the previous period), and the unilateral open interest is 45769 (an increase of 3945 compared to the previous period). The net long position of the top 20 members is - 489 [2]. - EC2510: The latest成交价 is 1339 points, with a daily decrease of 2.31%. The trading volume is 14689 (a decrease of 92 compared to the previous period), and the unilateral open interest is 23789 (an increase of 662 compared to the previous period). The net long position of the top 20 members is 0 [2]. - EC2512: The latest成交价 is 1539.3 points, with a daily decrease of 0.18%. The trading volume is 1729 (an increase of 20 compared to the previous period), and the unilateral open interest is 4587 (an increase of 177 compared to the previous period) [2]. - EC2602: The latest成交价 is 1358.8 points, with a daily decrease of 1.56%. The trading volume is 632 (a decrease of 285 compared to the previous period), and the unilateral open interest is 2736 (a decrease of 47 compared to the previous period) [2]. - EC2604: The latest成交价 is 1181.9 points, with a daily decrease of 2.62%. The trading volume is 884 (an increase of 146 compared to the previous period), and the unilateral open interest is 3405 (an increase of 122 compared to the previous period) [2]. Latest Spot Freight Rates - European Routes - Weekly spot index: The SCFIS is 1252.82 points, with a week - on - week increase of 0.5%. The SCFI is $1587/TEU, with a week - on - week increase of 20.5% [4]. - Daily spot freight rates: The TCI (20GP) is $1712/TEU, with a day - on - day increase of 14.6%. The TCI (40GP) is $2727/FEU, with a day - on - day increase of 13.4% [4]. Basis Spread - The basis of the previous trading day was - 847.38 points, and the basis of the day before the previous trading day was - 828.25 points, with a change of - 19.13 points [6]. Spot Market Data - Capacity: The capacity deployment on the Asia - Europe route is 511336 TEU, a decrease of 1405 TEU compared to the previous period. The idle capacity ratio is 1.9%. The idle capacity ratios of container ships of 17000TEU +, 12000 - 16999TEU, and 8000 - 11999TEU are 1.3%, 0.9%, and 1.4% respectively [7]. - Speed: The average speed of container ships is 13.88 knots. The average speed of 17000TEU + container ships is 15.65 knots, and that of 12000 - 16999TEU container ships is 15.37 knots [7]. - In - port capacity: The in - port capacity in Rotterdam is 18.77 million TEU, in Hamburg is 7.92 million TEU, and in Singapore is 35.02 million TEU [7]. - Bypass situation: The number of ships bypassing the Aden Gulf is 16. The north - bound traffic volume through the Suez Canal is 2, and the south - bound traffic volume is 2 [7]. - Time charter rates: For 6 - 12 months, the time charter rate for 9000TEU is $103000 per day, for 6500TEU is $68000 per day, and for 2500TEU is $34500 per day [7].