Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - For contract 02, it follows the spot market, and the peak may have occurred in week 4. The subsequent price - cut rhythm is hard to judge, and the risk - reward ratio is poor at the current level, so entry is not recommended [3]. - For contract 04, a short - selling strategy on rallies is suggested. Far - month contracts are greatly affected by geopolitical factors and can't have an independent market in the short term. Based on the long - term logic of expected resumption of shipping and the off - season, a short - selling strategy on rallies is also recommended for contract 10, although it has the lowest price and is most likely to be pushed up by funds when there are geopolitical reversal news [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: EC2602 closed at 1779.1, down 5.00%; EC2604 at 1182.0, down 3.42%; EC2606 at 1422.9, up 0.42%; EC2608 at 1533.0, down 0.01%; EC2610 at 1112.0, up 0.61% [2]. - **Trading Volume and Open Interest**: EC2602 had a trading volume of 43604 and open interest of 21811, a decrease of 3185; EC2604 had a volume of 22083 and open interest of 26339, an increase of 2409; etc. [2]. - **Month - to - Month Spreads**: For EC2502 - 2604, the spread was 597.1, a decrease of 51.8 day - on - day and 37.8 week - on - week; for EC2504 - 2606, it was - 240.9, a decrease of 47.7 day - on - day and 31.1 week - on - week [2]. Spot Market Information - **Spot Indexes**: The spot (European Line) index was 3387.69 on 2025/1/6, down 3.59% from the previous period; the SCFI was 1690 dollars/TEU on 2025/12/26, up 10.24% [2]. - **European Line Spot Quotes**: In week 2, MSK opened at 2500 dollars, with a freight rate center of 2860 dollars, equivalent to about 2000 points on the futures. MSK opened at 2600 dollars in week 3 and 2700 dollars in week 4. CMA planned to raise the price to 3800 dollars in the second half of January but reduced the rate from 3293 to 2893 dollars between January 10 - 15. MSK reduced the Shanghai - Bremen/Gdansk freight from 2700 to 2400 dollars in week 4. HMM and YML announced a rate of 2800 dollars in the second half of January, and MSC also quoted 2800 dollars [4]. Related News On 1/7, Hamas was reshaping its rule in the Gaza ruins, challenging Trump's peace plan. Despite being besieged, Hamas was trying to restore pre - war governance, and it was in the process of reorganizing its armed forces and selecting new political leaders [5].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For the EC2602 contract, future performance depends on spot trends. It's hard to predict the peak height and timing of January freight rates and subsequent price - drop rhythms, so entry at the current level is not recommended [3]. - The EC2604 contract has a moderately high valuation, but there is short - term upward risk. The strategy is mainly to go short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Given the long - term logic of resumption of shipping and the off - season, the strategy for the EC2610 contract is to go short on rallies [3]. 3. Summary by Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 (- 0.09%); EC2604 at 1169.9 (+ 1.31%); EC2606 at 1374.0 (+ 4.39%); EC2608 at 1497.7 (+ 0.78%); EC2610 at 1054.7 (+ 0.51%) [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 spread was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2]. Spot Market - **Indices and Changes**: The SCFIS (European Line) index on 2025/12/29 was 1742.64, up 9.66% from the previous period; the SCH (European Line) spot price on 2025/12/26 was 1690 dollars/TEU, up 10.24%; the CCFI was 1519.06, up 3.06%; the NCFI was 1144.37, up 7.22% [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 dollars, equivalent to about 1950 points on the futures market. In Week 2, MSK kept the price at 2500 dollars, with the price at Hamburg Port rising to 2600 dollars [4]. Geopolitical News - On 12/30, Trump said he and Netanyahu reached an agreement on most matters, and they discussed Hamas disarmament and the second - phase plan for Gaza [4]. - On 12/29, Hamas claimed that Israel did not fulfill the cease - fire agreement and called on the US to pressure Israel [5].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - The 12 - contract follows the delivery logic. P1 is announced as 1510.56 points (lower than expected), and P2 and P3 are expected to be between 1700 - 1750 points [3]. - The valuation of the 02 - contract is moderately high. It is expected to fluctuate in the short - term and follow the spot price trend later. The current spot market is strong and recovering. Historically, the freight rate peaks usually occur 4 - 5 weeks before the Spring Festival (corresponding to mid - to late January 2026). However, the high shipping capacity in January 2026 may suppress the peak. At the current valuation, it is recommended to wait and see [3]. - The short - term downside space of the 04 - contract is limited. Attention should be paid to the short - selling opportunities when the 04 - contract may rise following the near - month contracts [3]. 3. Summary by Relevant Catalogs Futures Contracts - **Closing Price and Changes**: EC2512 closed at 1649.8 with a - 0.01% change; EC2602 at 1746.0 with a 4.06% change; EC2604 at 1149.7 with a 3.95% change; EC2606 at 1306.7 with a 3.64% change; EC2608 at 1479.9 with a 3.37% change; EC2610 at 1053.8 with a 2.31% change [2]. - **Trading Volume and Open Interest**: The trading volume of EC2512 was 274, and the open interest was 2724 with a change of - 223; for EC2602, the trading volume was 28275, and the open interest was 33065 with a change of 1401; for EC2604, the trading volume was 7432, and the open interest was 19657 with a change of - 276; for EC2606, the trading volume was 6/9 (unclear), and the open interest was 2335 with a change of - 20; for EC2608, the trading volume was 402, and the open interest was 1441 with a change of - 114; for EC2610, the trading volume was 1000, and the open interest was 4739 with a change of 157 [2]. - **Month - to - Month Spreads**: EC2512 - 2504 was 500.1 with a day - on - day change of - 43.9 and a week - on - week change of - 65.6; EC2512 - 2602 was - 96.2 with a day - on - day change of - 68.4 and a week - on - week change of - 144.9; EC2502 - 2604 was 596.3 with a day - on - day change of 24.5 and a week - on - week change of 79.3 [2]. Spot Market - **Spot Indexes**: The SCFIS (European Line) on 2025/12/15 was 1510.56 points with a 0.10% change from the previous period. The SCFI (European Line) on 2025/12/12 was 1538 dollars/TEU with a 9.86% change; the CCFI was 1470.55 points with a 1.59% change; the NCFI was 1064.13 points with a 9.98% change [2]. - **Shipping Company Quotes**: In Week51, MSK opened at 2400 (a 200 increase from the previous week), MSC and OA quoted 2600 - 2700, and PA quoted 2400 dollars. The current central price was 1760 dollars, equivalent to about 1760 points on the futures. In Week52, MSK opened at 2300 (a 100 decrease from the previous week), and the other companies mainly followed Week51's quotes. In January, MSK and MSC announced price increases to 3500 and 3700 dollars respectively. On Monday, MSC opened at 2864 dollars (a 200 increase from the previous week), equivalent to 2000 points on the futures [4].

Group 1: Futures Contract Information - EC2512 had a yesterday's closing price of 1649.1 with a decline of 0.27%, a basis of -165.5, a trading volume of 270, an open interest of 3731, and an open interest change of -82 [2] - EC2602 had a price of 1585.0 with an increase of 2.92%, a basis of -101.4, a trading volume of 27304, an open interest of 34222, and an open interest change of -786 [2] - EC2604 had a price of 1090.1 with an increase of 0.65%, a basis of 393.6, a trading volume of 2881, an open interest of 19129, and an open interest change of 132 [2] - EC2606 had a price of 1255.1 with an increase of 0.05%, a basis of 228.6, a trading volume of 178, an open interest of 2141, and an open interest change of -26 [2] - EC2608 had a price of 1385.6 with an increase of 0.40%, a basis of 98.1, a trading volume of 125, an open interest of 1549, and an open interest change of -28 [2] - EC2610 had a price of 1040.2 with a decline of 0.19%, a basis of 443.5, a trading volume of 297, an open interest of 3961, and an open interest change of 72 [2] Group 2: Spread Information - The EC2512 - 2504 spread was 559.0, compared to 561.5 the day before yesterday with a change of -11.4 [2] - The EC2512 - 2602 spread was 64.1, compared to 113.4 the day before yesterday with a change of -49.3 [2] - The EC2502 - 2604 spread was 401, compared to 457.0 the day before yesterday with a change of 37.9 [2] Group 3: Spot Index Information - The SCHIS index on 2025/12/1 was 1483.65, down 9.50% from the previous period [2] - The SCFI (European line) on 2025/11/28 was 1404 dollars/TEU, up 2.71% from the previous period [2] - The CCFI (European line) on 2025/11/28 was 1449.34 points, up 1.14% from the previous period [2] - The NCFI on 2025/11/28 was 1024.64 points, up 7.67% from the previous period [2] Group 4: Market Analysis and Outlook - The December contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December cabin positions, and the price is expected to be stable with a slight increase [3] - The 02 contract has a neutral valuation, follows the spot price in the short - term, and there is a game for the peak - season height. Although high capacity limits the upside, there is no overly pessimistic expectation due to the late Spring Festival, strong cargo volume on the European line this year, and the 02 contract covering the freight rates from the second - half of January to the first ten days of February [3] - The 04 contract has limited short - term downside space, and attention should be paid to the short - selling opportunities when it follows the near - month contracts to rise [3] Group 5: Recent Spot Market Situation - The price increase announcement in the first half of December failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the futures market [4] - In Week 50, MSK's cabin opening price dropped to 2200 dollars, and other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the futures market [4] - On Monday, YML reduced the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased it by 200 to 2600 dollars [4] - It is expected that shipping companies will announce price increases for January cabins in early December. MSK's opening price for Week 51 is 2400 dollars, a 200 - dollar increase from the previous period, equivalent to 1660 points on the futures market [4] - On Thursday, MSK issued a price - increase notice for January European lines, with the price rising to 3500 dollars [4]

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The EC2512 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December's cabin space, and the price is expected to be stable with a slight increase. - The EC2602 contract has a neutral valuation, follows the spot market in the short - term, and there is a chance for a higher price if the peak season is realized. Reasons include the late Chinese New Year, strong cargo volume on the European route this year, and the contract covering a period with a potential seasonal price peak. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1633.6 with a - 0.19% change; EC2602 at 1534.2 with a 2.719% change; EC2604 at 1072.1 with a - 0.55% change; EC2606 at 1233.2 with a - 0.31% change; EC2608 at 1374.9 with a 1.30% change; EC2610 at 1032.6 with a - 0.06% change [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 561.5, EC2512 - 2602 was 99.4, and EC2502 - 2604 was 462.1, with corresponding changes compared to previous days and weeks [2]. Spot Market - **Spot Indexes**: The spot price (per point) on December 1, 2025, was 1483.65, down 9.50% from the previous period. SCF on November 28, 2025, was 1404 dollars/TEU, up 2.71%; CCFI was 1449.34 points, up 1.14%; NCFI was 1024.64 points, up 7.67% [2]. - **European Route Spot Situation**: In December, the early - month price increase failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and the current central price is 2270 dollars, equivalent to 1580 points. Some shipping companies adjusted prices, and it is expected that shipping companies will announce price increases for January's cabin space in early December. On Tuesday, MSK's opening price for Week 51 was 2400 dollars, up 200 dollars from the previous week, equivalent to 1660 points [4]. Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. - On November 29, Lebanon's Hezbollah said it would retaliate against Israel for the attack on its senior commander [5].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The overall market is fluctuating and waiting for the next driver. The valuation of EC2512 is moderately high. With multiple positive drivers such as subsequent announcements and long - term contract signings from November to December, a strategy of buying on dips is recommended. The valuation of EC2602 is more difficult to determine, with high uncertainty, and it is expected to mainly follow the trend of EC2512 in the next month. For EC2604, as it is a off - season contract, it maintains a narrow - range fluctuation in the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of flights, a strategy of shorting on rallies is recommended [2][3] Summary by Relevant Catalogs Futures Contracts - **Price and Change**: EC2512 closed at 1851.7 with a 2.64% increase, EC2602 at 1592.2 with a 2.48% increase, EC2604 at 1184.4 with a 2.01% increase, EC2606 at 1400.8 with a 1.54% increase, EC2608 at 1483.5 with a 0.84% increase, and EC2610 at 1139.3 with a 0.64% increase [2] - **Volume and Open Interest**: The trading volumes of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 18824, 5040, 2233, 274, 102, and 176 respectively. The open interests were 29320, 18781, 14507, 1490, 1342, and 1266 respectively, with changes of - 2045, 326, - 403, - 31, - 10, and - 14 respectively [2] - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 667.3, 259.5, and 407.8 respectively, with day - on - day changes of 24.4, 9.1, and 15.3 respectively [2] Spot Market - **Indices and Changes**: The SCHIS index on November 3, 2025, was 1208.71 points, down 7.92% from the previous period. The SCF was 1344 dollars/TEU on October 31, 2025, up 7.37% from the previous period. The CCFI was 1323.81 points on October 31, 2025, up 2.37% from the previous period. The NCFI was 965.62 points on October 31, 2025, up 17.43% from the previous period [2] Recent European Line Quotations - **Booking Situation**: Downstream customers are currently booking cabins for early November (week 45). In early November, PA's price dropped to 1700 - 1900 US dollars, GEMIN to 2100 - 2200 US dollars, and OA to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market). There was no change in freight rates on Monday [3] Related News - **Geopolitical Events**: On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement. On November 3, the Houthi armed forces stated that they would strongly respond to any Israeli aggression [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall strategy maintains the logic of shorting on rallies because the situation in September is generally loose and the subsequent driving force continues to be weak. The contract for October is currently at a discount of about 450 points to the spot, and there is still expected to be room for further decline. The valuation of far - month contracts is unclear, more affected by driving factors, and due to low positions, they are greatly affected by macro and capital behaviors [2] Group 3: Summary by Related Catalogs Futures Market - **Futures Contracts**: For EC futures contracts, on August 20, 2025, EC2508 closed at 2127.3 with a 1.87% increase; EC2510 closed at 1370.3 with a 0.20% decrease; EC2512 closed at 1775.0 with a 0.82% decrease; EC2602 closed at 1535.4 with a 0.16% decrease; EC2604 closed at 1323.1 with a 0.59% decrease; EC2606 closed at 1492.3 with a 0.17% decrease [2] - **Month - to - Month Spreads**: For example, the spread of EC2508 - 2510 was 757.0, up 7.1 from the previous week; the spread of EC2510 - 2512 was - 404.7, with a weekly change of - 37.7; the spread of EC2512 - 2602 was 239.6, up 27.5 from the previous week [2] Spot Market - **Indices**: As of August 18, 2025, the index was at 2180.17, down 2.47% from the previous period. As of August 15, 2025, the SCFI (European Line) was at 1820 dollars/TEU, down 7.19% from the previous period; the CCFI was at 1790.47 points, down 0.48% from the previous period; the NCFI was at 1188.69 points, down 5.49% from the previous period [2] Weekly Market Conditions - **Booking Situation**: Currently, downstream customers are booking shipping space for the end of August (week 34 - 35). The average price for week 34 was 2850 US dollars (2000 points), and the current average quote for week 35 is 2625 US dollars (equivalent to 1840 points). Among them, the PA Alliance quoted 2500 US dollars, MSK 2300 US dollars, and the OA Alliance 2700 - 2800 US dollars [2] - **Cargo Receiving Situation**: In week 33, MSK had better cargo - receiving, the OA Alliance was average, and the PA Alliance was poor. In week 34, cargo - receiving significantly declined, and some shipping companies faced pressure to receive cargo [2] - **Capacity Adjustment**: The overall capacity in September will be reduced because the PA Alliance will add a sail - stop in week 37. The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 328,000, 312,000, and 315,000 TEU respectively. After counting all TBNs as sail - stops, they are 528,000, 297,000, and 283,000 TEU respectively [2] Recent European Line Quotations - **Week 34**: The final average price was 2850 US dollars (2000 points) [3] - **Week 35**: The current average quote is 2575 US dollars (equivalent to 1770 points). The PA Alliance quoted 2500 US dollars, MSK initially opened at 2300 US dollars and then raised it to 2490 US dollars, and the OA Alliance quoted 2700 - 2800 US dollars [3] - **Week 36**: On Tuesday, MSK opened at 2100 US dollars, and some routes rose to 2200 US dollars; CMA's quote dropped from 3420 to 2620 US dollars [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Under high - capacity pressure and with demand entering the off - season, freight rates will face downward pressure in the future [2] 3. Summary by Relevant Catalogs EC Futures Contracts - EC2508 closed at 2111.0, down 3.31%; EC2510 closed at 1460.0, down 2.85%; EC2512 closed at 1735.0, down 0.16%; EC2602 closed at 1521.3, down 1.28%; EC2604 closed at 1370.0, unchanged; EC2606 closed at 1504.9, up 0.76% [2] - For the month - to - month spreads, EC2508 - 2510 was 651.0, with a daily decrease of 29.4 and a weekly decrease of 51.7; EC2510 - 2512 was - 275.0, with a daily decrease of 40.0 and a weekly decrease of 110.2; EC2512 - 2602 was 213.7, with a daily increase of 16.9 and a weekly decrease of 10.8 [2] Spot Indices - SCFIS on July 28, 2025, was 2316.56 points, down 3.50% from the previous period [2] - SCFI on July 25, 2025, was 2090 dollars/TEU, up 0.53% from the previous period [2] - CCFI on July 25, 2025, was 1787.24 points, down 0.90% from the previous period [2] - NCFI on July 25, 2025, was 1422.9 points, down 1.20% from the previous period [2] - TCI on July 18, 2025, was 1054.56 points, down 0.75% from the previous period [2] European Line Supply and Demand - In August and September (tentatively), the average weekly capacity is 325,000 and 324,000 TEU respectively. The capacity in weeks 32, 33, 34, and 35 is 330,000, 305,000, 350,000, and 316,000 TEU respectively, with high capacity pressure especially in the second half of August [2] - Supported by the base cargo of shipping companies, the loading rate of shipping companies in late July was not under great pressure. In early August, the base cargo still provided some support, but the cargo volume declined marginally and gradually entered the off - season [2] Recent European Line Quotations - In July, the quotations remained stable at around 2400 points. In August, the PA Alliance dropped 200 - 300 to 3100 dollars; MSK's initial quotation decreased slightly (2900 - 3000 dollars) and then increased slightly; OA continued to use 3400 - 3500 dollars. The quotation in week 31 was about 3300 dollars (equivalent to 2300 points on the futures market). On Tuesday, HPL cut the price by 200 to 3100 dollars [3] News - On July 29, China and the US reached a consensus in the Stockholm talks to extend the previously suspended 24% reciprocal tariffs and China's counter - measures for 90 days. The final agreement needs to be approved by President Trump [4] - On July 29, Israel was considering a full - scale military occupation of the Gaza Strip [4] - On July 29, the US State Department refused to hold a "two - state solution" meeting on the Gaza issue [4] - On July 29, German government sources said that the German government would approve the 2026 budget draft on Wednesday, including a record 126.7 billion euro investment [5]