Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The spot freight rate for the European container shipping line will continue to decline before the Spring Festival. The average price of 40 - foot containers in the third week of February will drop to around $2080, and there is still a discount of about 200 points in the market. The real - level game space is relatively small, and the game is more concentrated on the expected level. The market is highly correlated with the commodity market sentiment, and attention should be paid to the intraday impact of commodity sentiment on EC. The main event at the expected level is the rush to export products such as photovoltaic before April 1st, which may bring about 2 container ships with a capacity of 18,000 - 23,000 TEU. It is difficult to cause a full - load situation in the off - season after the festival, but it may lead to an increase in the list price of shipping companies, the stabilization and even a slight increase in freight rates, bringing real - level drivers to the market. Attention should be paid to the possible falsification of expectations caused by the subsequent release of shipping companies' price increase letters [1] 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1743 | 0.39 | 280 (183) | 1602 (-224) | 1256 | 1424 | -168 | | EC2604 | 1268.2 | 3.86 | 43994 (19795) | 34661 (1900) | 19719 | 23054 | -3335 | | EC2606 | 1568.2 | 3.56 | 5866 (2496) | 14888 (666) | 0 | 0 | 0 | | EC2608 | 1630.5 | 3.05 | 588 (192) | 1440 (-54) | | | | | EC2610 | 1131.8 | 0.60 | 1760 (-203) | 8150 (-35) | | | | | EC2612 | 1420.2 | 0.34 | 14 (-30) | 137 (-2) | | | | | Total | - | - | 52502 | 60878 | 20975 | 24478 | -3503 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Increase/Decrease Rate | Previous Period | Increase/Decrease Rate | Two Periods Ago | Increase/Decrease Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1792.14 | -3.6% | 1859.31 | -4.9% | 1954.19 | -0.1% | | SCFI - $/TEU | | 1418 | -4.8% | 1595 | -2.5% | 1676 | 1.7% | | Spot Freight Rate | TCI(20GP) $/TEU | 1551 | 0.0% | 1551 | -3.3% | 1604 | -3.3% | | (Daily) $/FEU | TCI(40GP) | 2636 | 0.0% | 2636 | -3.3% | 2725 | -2.4% | [4] Basis Spread - The basis of the previous trading day was 523.94 points, and the basis of the day before the previous trading day was 544.54 points, with a change of - 20.6 points [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given documents 2. Core View - The spot freight rate for the European container shipping line will continue to decline before the Spring Festival. The average price of 40 - foot containers in the third week of February is expected to drop to around $2080, and the market still has a discount of about 200 points. There is relatively little room for real - level gaming, and the gaming is more focused on the expectation level. The market is highly correlated with the sentiment of the commodity market, and the intraday impact of commodity sentiment on EC should be noted. The key event at the expectation level is the pre - April 1 rush to export products such as photovoltaic, which may lead to an increase in the listed price of shipping companies, stabilize or slightly increase freight rates, but it is difficult to cause full - load cabins during the post - festival off - season. Attention should be paid to the release of shipping companies' price increase notices, which may prove or disprove expectations [1] 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1737.8 | 1.15 | 612 (318) | 1883 (- 456) | 1409 | 1652 | - 243 | | EC2604 | 1237.9 | 5.22 | 29296 (- 3522) | 34229 (423) | 19239 | 21845 | - 2606 | | EC2606 | 1533.7 | 2.57 | 3147 (- 2797) | 13458 (860) | 0 | 0 | 0 | | EC2608 | 1597.9 | 1.32 | 353 (- 778) | 1479 (29) | | | | | EC2610 | 1128.6 | 1.37 | 1355 (- 1149) | 7677 (- 207) | | | | | EC2612 | 1439 | 3.18 | 29 (- 11) | 128 (7) | | | | | Total | - | - | 34792 | 58854 | 20648 | 23497 | - 2849 | [2] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1792.14 | - 3.6% | 1859.31 | - 4.9% | 1954.19 | - 0.1% | | | SCFI - $/TEU | 1418 | - 4.8% | 1595 | - 2.5% | 1676 | 1.7% | | Spot Freight Rate | TCI(20GP) $/TEU | 1551 | - 3.3% | 1604 | - 3.3% | 1660 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2636 | - 3.3% | 2725 | - 2.4% | 2793 | 0.0% | [4] 3.3 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 MoM change of - 53.3 points. There are also trend charts for the basis of the main container shipping European line futures contract and the spreads between different contracts [6]