Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For the EC2602 contract, the future price depends on the spot market. With high运力 and good demand, it's difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. At the current position, it's not recommended to enter the market [3]. - The EC2604 contract has a moderately high valuation, but there is a short - term upward risk. The recommended strategy is to short on rallies [3]. - The far - month contracts are greatly affected by geopolitical factors. Under the long - term logic of expected route resumption and off - season, the strategy for the EC2610 contract is to short on rallies [3]. 3. Summary by Directory Futures Contract Data - **Contract Prices and Changes**: The EC2602 contract closed at 1795.1, down 1.53%; EC2604 at 1160.2, down 0.83%; EC2606 at 1370.0, down 0.29%; EC2608 at 1500.1, up 0.16%; EC2610 at 1056.0, up 0.12% [2]. - **Open Interest Changes**: The open interest of EC2602 decreased by 2582; EC2604 increased by 44; EC2606 decreased by 1249; EC2608 decreased by 10; EC2610 increased by 72 [2]. - **Month - to - Month Spreads**: The spread of EC2502 - 2604 decreased by 18.1 compared to the previous day and 70.1 compared to the previous week; the spread of EC2504 - 2606 decreased by 5.7 compared to the previous day and 56.6 compared to the previous week [2]. Spot Market Data - **Spot Indexes**: The SCEIS SCFI (European Line) increased by 9.66% on December 29, 2025, and 10.24% on December 26, 2025; the CCFI increased by 3.06% on December 26, 2025; the NCFI increased by 7.22% on December 26, 2025 [2]. - **European Line Spot Quotes**: In Week 1, the central price was 1950 US dollars, equivalent to about 1950 points on the futures market; in Week 2, MSK kept the price at 2500 US dollars, with the price at Hamburg Port increasing by 100 to 2600 US dollars; in Week 3, MSK's opening price increased by 100 to 2600 US dollars [4]. Related News - On December 31, Iran's Foreign Minister stated that Iran will not give up peaceful nuclear technology and can reach a fair agreement through serious negotiations with the condition of lifting sanctions; Israel's Prime Minister claimed that Iran is resuming ballistic missile production [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The current valuation of the 02 contract is high, and future performance depends on spot cargo trends. Short - term sentiment is positive due to spot improvement, but it's difficult to predict the peak height and time of January freight rates and subsequent price - drop rhythms. It's not recommended to enter the market at the current level [3]. - The valuation of the 04 contract is moderately high. It may follow the spot market or recover the basis in the short term. Attention should be paid to short - selling opportunities [3]. - Far - month contracts are greatly affected by geopolitical factors. Short - selling off - season contracts is safer than short - or long - selling peak - season contracts. An overall positive spread strategy should be adopted, and attention should be paid to short - selling opportunities for the 10 contract [3]. 3. Detailed Summaries Futures Contracts - **Contract Prices and Changes**: EC2512 closed at 1631.0 with a 0.06% increase; EC2602 at 1871.8 with an 8.84% increase; EC2604 at 1166.8 with a 3.37% increase; EC2606 at 1320.0 with a 2.46% increase; EC2608 at 1486.2 with a 2.27% increase; EC2610 at 1061.0 with a 1.02% increase. The trading volumes were 100, 52704, 11708, 587, 256, and 1449 respectively, and the open interests were 1956, 36510, 20471, 2184, 1197, and 5401 respectively, with changes of - 27, 5003, 1634, - 36, - 91, and 466 [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 464.2, with a day - on - day change of - 37.1 and a week - on - week change of - 79.8; EC2512 - 2602 was - 240.8, with a day - on - day change of - 151.1 and a week - on - week change of - 213.0; EC2502 - 2604 was 705.0, with a day - on - day change of 114.0 and a week - on - week change of 133.2 [2]. Spot Market - **Spot Indexes**: The TEU index updated on 2025/12/22 was 1589.20, up 5.21% from the previous period. SCF on 2025/12/19 was 1533 dollars/TEU, down 0.3% from the previous period. CCFI on 2025/12/19 was 1473.9 points, up 0.23% from the previous period. NCFI on 2025/12/19 was 1067.29 points, up 0.30% from the previous period [2]. - **European Line Spot Situation**: In Week 52, MSK's opening price was 2300 dollars (down 100 dollars from the previous week), and other companies mainly followed Week 51 prices. The central price was 2500 dollars, equivalent to about 1750 points on the futures. All shipping companies are raising prices for January cabins. In Week 1, MSK's opening price was 2500 dollars (up 200 dollars from the previous week), and the prices of other shipping companies are yet to be announced [4]. News and Geopolitical Factors - The US plans to hold a Gaza reconstruction conference to promote a new round of cease - fire. The meeting may be held as early as next month, and Washington is a potential venue. Egypt and other locations are also being considered. The meeting is likely to be held after the "Peace Committee" is established [4]. - The Turkish Foreign Minister expects the second phase of the Gaza cease - fire agreement to start early in the new year [4].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - The 12 - contract follows the delivery logic. MSK's Tuesday price cut for the last - week freight rate to $2300 may lead to a lower settlement price for the 12 - contract, with a central price of $2300 [3]. - The 02 - contract has a moderately high valuation. In the short - term, it may fluctuate due to the expected peak season in January. In the long - run, the driving force is upward because of the strong and recovering cargo volume. However, the high shipping capacity in January 2026 may suppress the price peak. Currently, it is recommended to wait and see [3]. - The 04 - contract has limited short - term downside space. Pay attention to the short - selling opportunities when the 04 - contract may rise following the near - month contracts [3]. 3. Summary by Related Catalogs Futures Contract Data - **Contract Prices and Changes**: The EC2512 contract closed at 1655.1, down 0.58%; the EC2602 contract closed at 1665.2, up 2.80%; the EC2604 contract closed at 1080.7, up 0.66%; the EC2606 contract closed at 1225.6, up 0.53%; the EC2608 contract closed at 1378.9, down 0.07%; the EC2610 contract closed at 1025.0, up 0.56% [2]. - **Trading Volume and Open Interest**: The trading volume of EC2512 was 321, and the open interest was 3169, down 114; the trading volume of EC2602 was 35894, and the open interest was 31382; the trading volume of EC2604 was 3703, and the open interest was 19219, down 159; the trading volume of EC2606 was 380, and the open interest was 2274, down 69; the trading volume of EC2608 was 170, and the open interest was 1549, down 25; the trading volume of EC2610 was 273, and the open interest was 4207, up 6 [2]. - **Month - to - Month Spreads**: For example, the EC2512 - 2504 spread was 5/4.4, with a day - on - day change of - 16.7 and a week - on - week change of 12.9; the EC2512 - 2602 spread was - 10.1, with a day - on - day change of - 55.0 and a week - on - week change of - 109.5; the EC2502 - 2604 spread was 584.5, with a day - on - day change of 38.3 and a week - on - week change of 1224 [2]. - **Indicator Data**: The forward - looking futures index (frequency: electricity - new, announced on 2025/12/8) was 1509.10, up 1.72% from the previous period and down 0.28% compared to the period before the previous one; the CCFI on 2025/12/5 was 1447.56, down 0.12% from the previous period; the NCFI on 2025/12/5 was 967.55, down 5.57% from the previous period [2]. European Line Spot Freight Situation - **Weekly Spot Freight Rates**: In Week 50, MSK's opening price dropped to $2200, with the central price at $2200, equivalent to 1550 points on the disk; in Week 51, MSK's opening price was $2400; in Week 52, MSK's opening price was $2300 (down $100 from the previous week) [4]. - **Price Adjustments**: YML cut the freight rate for late December to $2650 on Tuesday; MSK announced a price increase for January, with the freight rates for 20 - foot and 40 - foot containers on the European line raised to $2275 and $3500 respectively [4]. Related News - On December 10, 2025, the Israeli army launched air strikes and shelling on parts of Khan Younis in Gaza under its control; Hamas officials stated that disarming the Palestinians was equivalent to taking their lives [5]. - On December 11, 2025, Trump said he planned to announce the members of the "Gaza Peace Committee" early next year. Many world leaders wanted to join this committee established under a Gaza plan that brokered a fragile cease - fire between Israel and Hamas [5].

Report Summary on Shipping Industry 1. Industry Investment Rating No information provided. 2. Core Viewpoints - The market experiences a tug - of - war between bulls and bears, with the price chart showing wide - range fluctuations. The freight rate has no obvious fluctuations. The tariff issue has a marginal effect, and the current core lies in the direction of the spot freight rate. The main contract has shown a seasonal rebound. 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]. 3. Summary by Related Catalogs 3.1 Freight Indexes - **SCFIS**: On December 1st, the Shanghai Export Container Settlement Freight Index (European route) was 1483.65 points, down 9.5% from the previous period; the SCFIS (US West route) was 948.77 points, down 14.4% from the previous period. On November 28th, the Shanghai Export Container Freight Index was 1403.13 points, up 9.57 points from the previous period, and the SCFI European route 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 [3]. - **NCFI**: On December 1st, the Ningbo Export Container Freight Index (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI (European route) was 1024.64 points, up 7.67% from the previous period. On November 28th, the NCFI (US West route) was 881.66 points, down 7.77% from the previous period [3]. - **CCFI**: On November 28th, the China Export Container Freight Index (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI (European route) was 1449.34 points, up 1.1% from the previous period; the CCFI (US West route) was 841.86 points, down 1.1% from the previous period [3]. 3.2 Economic Indicators - In the Eurozone in October, the preliminary manufacturing PMI was 45.9 (expected 45.1, previous 45), the preliminary services PMI was 51.2 (expected 51.5, previous 51.4), the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6), and the Sentix Investor Confidence Index was with a previous value of - 9.2 and a forecast value of - 8.5 [3]. - In China in October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in manufacturing prosperity. The Composite PMI Output Index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in enterprise production and operation activities [4]. - In the US in October, the preliminary S&P Global Services PMI was 55.2 (expected 53.5, previous 54.2), the preliminary manufacturing PMI was 52.2 (expected 52), and the preliminary composite PMI was 54.8 (expected 53.1, previous 53.9) [4]. 3.3 Market and Contract Information - On December 3rd, the main contract 2602 closed at 1540.1, up 0.92%, with a trading volume of 22,300 lots and an open interest of 35,000 lots, a decrease of 1354 lots from the previous day [4]. 3.4 Trading Strategies - **Short - term Strategy**: The main contract rebounds after a retracement, and the fluctuation of far - month contracts slows down. Risk - takers are recommended to try a long position in the main contract with a light position. When the price chart shows a small plunge, it is not recommended to add more positions or hold losing positions. Set stop - loss levels [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5]. - **Long - term Strategy**: It is recommended to take profits when the contracts reach high points, wait for the price to stabilize after a pullback, and then determine the next direction [5]. 3.5 Contract Rules Adjustment - The daily limit for contracts 2508 - 2606 is adjusted to 18%. - The margin of the company for contracts 2508 - 2606 is adjusted to 28%. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The 12 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are benchmarked against the second - half of December cabin space, and the prices are expected to be stable with a slight increase. The 02 contract has a neutral valuation, follows the spot price in the short - term, and there are expectations for the peak season. Despite high capacity, the spot price in January is not expected to be overly pessimistic due to the late Spring Festival, strong cargo volume on the European line this year, and the price cut in December benefiting the price increase in January. If the peak season is gradually realized, the 02 contract may have more upside potential. The 04 contract is still recommended to be shorted on rallies [3] Group 3: Summary by Relevant Catalogs Futures Market - EC2512 closed at 1636.7 yesterday, up 0.34%, with a basis of - 153.1, a trading volume of 705, an open interest of 4286, and an open interest change of - 215. EC2602 closed at 1492.5, up 1.40% (0.54% might be a misprint), with a basis of - 8.8, a trading volume of 26585, an open interest of 38244, and an open interest change of - 1867 (- 129 might be a misprint). EC2604 closed at 1078.0, with a basis of 405.7, a trading volume of 4192, and an open interest of 18614. EC2606 closed at 1237.0, up 1.79%, with a basis of 246.7, a trading volume of 278, an open interest of 2170, and an open interest change of - 84. EC2608 closed at 1357.2, up 1.36%, with a basis of 126.5, a trading volume of 102, an open interest of 1622, and an open interest change of - 8. EC2610 closed at 1033.2, up 1.19%, with a basis of 450.5, a trading volume of 441, an open interest of 3888, and an open interest change of - 86 [2] - For the month - spread, EC2512 - 2504 was 558.7, down 0.2 from the previous day and down 82.0 week - on - week. EC2512 - 2602 was 144.2, down 15.0 from the previous day and down 7.6 week - on - week. EC2502 - 2604 was 414.5, up 14.8 from the previous day and down 8.4 week - on - week [2] Spot Market - The SCFI (European line) index on December 1, 2025, was 1483.65 points, down 9.50% from the previous period, with a price of 1404 dollars/TEU. The CCFI index on November 28, 2025, was 1449.34 points, up 1.14% from the previous period. The NCFI index on November 28, 2025, was 1024.64 points, up 7.67% from the previous period [2] Recent European Line Spot Situation - The price increase in the first half of December 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 other shipping companies followed suit. The current central price is 2270 dollars, equivalent to 1580 points on the disk. YML cut the price of two ships in Week 50 by 150 to 1750 dollars, while MSC increased the price by 200 to 2600 dollars. In the second half of December, MSC announced a price increase to 3500 dollars, and ONE increased the price to 2800 dollars. Shipping companies are expected to announce price increases for January cabin space in early December [4] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the agreement. On November 29, the Lebanese Hezbollah said it would retaliate against Israel for the attack on a senior commander [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The EC2512 contract is approaching the delivery logic, with P1 expected to be around 1,550 - 1,600 points. P2 and P3 are benchmarked against the second - half of December cabin positions. The market anticipates a stable - with - increase trend, observing the shipping companies' price increase announcements and implementation [3]. - The EC2602 contract is undervalued. The key to going long is to wait for the signal of cargo - induced full - capacity utilization during the off - season. Despite high shipping capacity, the outlook isn't overly pessimistic due to the late Chinese New Year, strong cargo volume on the European route this year, and the fact that price cuts in December for inventory stocking are beneficial for the implementation of price increases in January. If the peak - season rush is gradually realized, EC2602 may have greater upside potential [3]. - For the EC2604 contract, it is recommended to adopt a short - selling strategy on rallies [3]. 3. Summary by Relevant Catalogs Futures Contract Data - **Contract Prices and Changes**: The closing prices of various EC contracts on the previous day are as follows: EC2512 at 1,631.1 with a 1.15% increase; EC2602 at 1,631.1 with a 6.07% increase; EC2604 at 1,471.9 with a 1.67% increase; EC2606 at 1,215.2 with a 2.11% increase; EC2608 at 1,339.0 with a 2.15% increase; EC2610 at 1,021.0 with a 0.87% increase [2]. - **Trading Volume and Open Interest**: The previous day's trading volumes were 1,737 for EC2512 and 4,146 for EC2602, etc. The previous day's open interests were 4,501 for EC2512 and 40,111 for EC2602, etc., with corresponding changes in open interest [2]. - **Month - to - Month Spreads**: The spreads of different contract combinations (e.g., EC2512 - 2504, EC2512 - 2602, etc.) and their day - on - day and week - on - week changes are provided. For example, the EC2512 - 2504 spread was 558.0, with a day - on - day change of 0.6 and a week - on - week change of - 53.8 [2]. Shipping Index Data - **SCFI (European Route)**: As of November 24, 2025, the index was 1,639.37 points, a 20.75% increase from the previous period and a 2.71% increase from two periods ago [2]. - **CCFI**: As of November 28, 2025, the index was 1,449.34 points, a 1.14% increase from the previous period and a 2.09% increase from two periods ago [2]. - **NCFI**: As of November 28, 2025, the index was 1,024.64 points, a 7.67% increase from the previous period and a - 2.83% change from two periods ago [2]. Recent European Route Spot Situation - In early December, the price increase announcement failed. The average price in Week 49 was $2,360, equivalent to 1,650 points on the futures market. In Week 50, MSK's opening price dropped to $2,200, setting the tone, and other shipping companies followed suit. The current central price is $2,270, equivalent to 1,580 points on the futures market. MSC is calling for a price increase to $3,500 for the second - half of December cabin positions, and ONE to $2,800. Shipping companies are expected to announce price increases for January cabin positions in early December [4]. Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the agreement. On November 29, Lebanon's Hezbollah said it would retaliate against Israel for the assassination of a senior commander [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot index's sharp rise drives the far - month contracts. Risk - preferring investors are advised to pre - layout the 02 contract and focus on the freight rate support logic in December [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US - West route was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US - West route was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, the Shanghai Export Container Freight Index (SCFI) published price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US - West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US - West route was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The initial value of the US S&P Global services PMI in October was 55.2 (expected 53.5, previous value 54.2); the initial value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the initial value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3]. - The initial value of the euro - zone manufacturing PMI in October was 45.9 (expected 45.1, previous value 45); the initial value of the services PMI was 51.2 (expected 51.5, previous value 51.4); the initial value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The euro - zone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2]. Contract Information - On November 11, the main contract 2512 closed at 1746.1, down 1.87%, with a trading volume of 32,200 lots and an open interest of 25,200 lots, a decrease of 1475 lots from the previous day [3]. - The trading limits of contracts 2508 - 2606 are adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. Strategy Recommendations - Short - term strategy: The main contract retraces while the far - month contracts are strong. Risk - preferring investors are advised to try long positions lightly in the 1550 - 1600 range of the EC2602 contract, focus on the spot trend, avoid holding losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4].

Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The market continued to fluctuate weakly on Friday. With the subsequent peak season and the long - term contract signing period in December as positive drivers, it is recommended to take a dip - buying approach overall. The market is expected to mainly follow the trend of the December contract in the short term. Observe the cargo - picking situation during the peak season. Freight rate highs usually occur 4 - 5 weeks before the Spring Festival (mid - January next year). If the peak season is gradually realized, the February contract may have more upside potential. The April contract is for the off - season, and it is recommended to take a short - selling approach considering the expected greater supply pressure and the off - season in April next year [3] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The EC2512 contract closed at 1812.0, down 1.96% (-603.3); EC2602 at 1592.0, down 0.56% (-383.3); EC2604 at 1164.6, down 1.14% (44.1); EC2606 at 1376.1, down 2.69% (-167.4); EC2608 at 1499.2, up 1.02% (-290.5); EC2610 at 1133.4, down 0.58% (75.3) [2] - **Volume and Open Interest**: The trading volume of EC2512 was 17121, and the open interest was 25887 with a decrease of 2525; EC2602 had a volume of 5303, open interest of 22939 with an increase of 314; EC2604 had a volume of 1193, open interest of 14330 with an increase of 122; EC2606 had a volume of 74, open interest of 1452 with a decrease of 3; EC2608 had a volume not fully shown, open interest of 1311 with an increase of 5; EC2610 had a volume of 154, open interest of 1464 with an increase of 32 [2] - **Month - to - Month Spreads**: The spread of EC2512 - 2504 was 647.4, with a daily decrease of 22.8 and a weekly decrease of 20.5; EC2512 - 2602 was 220.0, with a daily decrease of 27.2 and a weekly decrease of 40.8; EC2502 - 2604 was 427.4, with a daily increase of 4.4 and a weekly increase of 20.3 [2] Spot Market - **SCFIS**: Updated weekly on Mondays, as of November 3, 2025, it was 1208.71 points, down 7.92% from the previous period [2] - **SCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1323 dollars/TEU, down 1.56% from the previous period [2] - **CCFI (European Line)**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period [2] - **NCFI**: Updated weekly on a day described as "weekly nine", as of November 7, 2025, it was 911.73 points, down 5.58% from the previous period [2] Recent European Line Quotation - **45th Week**: The average landed price was about 2050 US dollars (equivalent to 1450 points on the futures market) [3] - **46th Week**: The average landed price was 2000 US dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 US dollars for the second half of November, but MSK opened at 2250 US dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies' quotes will be gradually lowered this week. There may also be a price increase announcement for December [3] Related News - On November 9, the Qassam Brigades of Hamas stated that armed personnel in the Rafah area under Israeli control would not surrender to Israel. They urged mediators to take responsibility to avoid the breakdown of the cease - fire. Egypt had proposed a plan allowing about 200 armed personnel in Rafah to have safe passage on the condition of handing over weapons and providing the location of underground tunnels, but the Qassam Brigades strongly rejected it [4] - On November 10, the Houthi armed forces warned that if the cease - fire in the Gaza Strip breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea [4] Index Delay - The XSI - C index is delayed by three working days [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On Wednesday, the market strengthened significantly due to rumors of MSK opening bookings and raising prices. The far - month contracts were slightly driven up by the near - month contracts. The December contract has multiple positive drivers such as price increase announcements and long - term contract signings from November to December, but its valuation is not low, and it will follow the spot market in the future. It is recommended to take a long position on dips. [2] - The February 2026 contract has high uncertainty and is expected to mainly follow the December contract's trend in the next month. [2] - The April 2026 contract is a off - season contract, which maintains a narrow - range oscillation under the current peak - season logic. Considering greater supply pressure next year, the off - season in April, and potential resumption of shipping, it is recommended to take a short position on rallies. [2] 3. Summary by Relevant Catalogs Futures Market - **Contract Prices and Changes**: The closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts were 1946.0, 1652.0, 1199.6, 1426.1, 1497.1, and 1142.8 respectively, with daily increases of 1.89%, 3.66%, 0.81%, 1.07%, 0.81%, and 0.69% respectively. [2] - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 746.4, 294.0, and 452.4 respectively, with day - on - day changes of 26.5, - 22.2, and 48.7 respectively. [2] Spot Market - **Spot Freight Indexes**: The SCFIS index on November 3, 2025, was 1208.71 points, a decrease of 7.92% from the previous period; the SCFI (European line) on October 31, 2025, was 1344 US dollars/TEU, an increase of 7.87% from the previous period; the CCFI on October 31, 2025, was 1323.81 points, an increase of 2.37% from the previous period; the NCFI on October 31, 2025, was 965.62 points, an increase of 17.43% from the previous period. [2] Recent European Line Quotation Situation - **Early November**: PA's price dropped the most to 1700 - 1900 US dollars, GEMIN dropped to 2100 - 2200 US dollars, and OA dropped to 2250 US dollars, with an average of about 2050 US dollars (equivalent to 1430 points on the futures market). [3] - **Late November**: Shipping companies mostly announced price increases to 2500 - 3100 US dollars, and MSK quoted 2250 US dollars. [3] News - **Price Increase Notices**: On Tuesday, MSC and HPL issued price increase notices for the second half of November, announcing price increases to 3000 and 3100 US dollars/FEU respectively. MSK's opening quotation for the second half of November was 2250 (+50) US dollars/FEU, lower than the previous market rumors/expectations of 2400 - 2500 US dollars; MSK also issued a price increase notice for December, raising the European line price to 3200 US dollars, while MSC's price dropped to 2365 US dollars. [4] - **Related Geopolitical News**: On November 5, the Israeli Defense Minister stated that the Israeli army would unrestrictedly destroy Hamas tunnels and armed personnel in the controlled areas of the Gaza Strip. [5]

Group 1: Report Overview - The report is a container shipping morning report released on November 5, 2025, by the energy and chemical team of the research center [2] Group 2: Futures Market Analysis Futures Contracts - EC2512 closed at 1909.9 with a 3.14% increase, EC2602 at 1593.7 with a 0.09% increase, EC2604 at 1190.0 with a 0.47% increase, EC2606 at 1411.0 with a 0.75% increase, EC2608 at 1485.0 with a 0.10% increase, and EC2610 at 1135.0 with a 0.38% decrease [2] Month - to - Month Spreads - EC2512 - 2504 spread was 719.9, up 52.6 from the previous day and 123.7 week - on - week; EC2512 - 2602 spread was 316.2, up 56.7 from the previous day and 112.8 week - on - week; EC2502 - 2604 spread was 403.7, down 4.1 from the previous day and up 10.9 week - on - week [2] Group 3: Spot Market Analysis Spot Indices - SCFI (European Line) on November 3, 2025, was 1208.71 points, down 7.92% from the previous period; CCFI on October 31, 2025, was 1323.81, up 2.37% from the previous period; NCFI on October 31, 2025, was 965.62, up 17.43% from the previous period [2] European Line Spot Quotes - In early November, PA's price dropped to $1700 - 1900, GEMIN to $2100 - 2200, and OA to $2250, with an average of about $2050 (equivalent to 1430 points on the disk) [4] Group 4: Market Outlook and Strategies - The 12 - contract has multiple positive drivers but high valuation, and it is recommended to buy on dips [3] - The 02 - contract's valuation is hard to anchor, and it is expected to follow the 12 - contract in the next month [3] - The 04 - contract is a off - season contract, and it is recommended to sell on rallies considering future supply pressure, off - season factors, and potential resumption of shipping [3] Group 5: News and Events - On October 31, Israel attacked Gaza for the third consecutive night, impacting the cease - fire agreement; on November 2, the Houthi armed forces said they would respond strongly to any Israeli aggression [5] - On November 4, the MSK price increase news and the price increase letters from HPL and MSC drove the main contract to strengthen significantly, and the far - month contracts were slightly driven up by the near - month contracts [2][3] - On November 5, MSC and HPL issued price increase letters for the second half of November, announcing price increases to $3000 and $3100 per FEU respectively [4]