Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For EC2602, the future trend mainly depends on the spot market. It's difficult to predict the peak height and time of freight rates in January and the subsequent price - decline rhythm. It's not recommended to enter the market at the current level, and the strategy is mainly to go short on rallies considering factors like geopolitical reversals, pre - holiday position reduction, and price increase notices after reaching the bottom [3][13] - For EC2604, the valuation is moderately high. There is a short - term upward risk due to factors such as capital position transfer and greater geopolitical influence on far - month contracts. In the long - term logic of resumption of navigation and off - season, the strategy is mainly to go short on rallies [3][13] Summary by Relevant Information Futures Market - **Futures Contracts**: EC2512 closed at 1604.8 with a - 0.51% change; EC2602 at 1822.9 with a - 0.09% change; EC2604 at 1169.9 with a 1.31% change; EC2606 at 1374.0 with a 4.39% change; EC2608 at 1497.7 with a 0.78% change; EC2610 at 1054.7 with a 0.51% change [2][12] - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 434.9, with a day - on - day change of - 23.3 and a week - on - week change of - 66.4 [2][12] Spot Market - **Indices**: SCEIS on December 29, 2025, was 1742.64 points, up 9.66% from the previous period; SCFI on December 26, 2025, was 1690 dollars/TEU, up 10.24% from the previous period; CCFI on December 26, 2025, was 1519.06 points, up 3.06% from the previous period; NCFI on December 26, 2025, was 1144.37 points, up 7.22% from the previous period [2][12] - **European Line Spot Situation**: In Week 1, MSK opened at 2500 dollars, OA at 2700 - 2800 dollars, PA at 2800 dollars, with a central price of 1950 dollars. In Week 2, MSK remained at 2500 dollars, and the price at Hamburg Port was 2600 dollars (a 100 - dollar increase from the previous period). YML reduced the price of a voyage in Week 2 by 200 dollars to 2600 dollars, and ONE increased the second - half - month quote by 500 dollars to 3335 dollars [4][14] Geopolitical News - On December 30, 2025, US President Trump said he reached an agreement with Israeli Prime Minister Netanyahu on most matters, talked about disarming Hamas, and hoped to enter the second phase of the Gaza plan soon [4][14] - On December 29, 2025, Hamas accused Israel of not fulfilling the cease - fire agreement and called on the US to pressure Israel [5][15]

1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The market continued to weaken in a volatile manner on Friday, with a neutral valuation for December. Considering the upcoming peak season and the long - term contract signing period in December, it is recommended to adopt a strategy of buying on dips. The market is expected to follow the December trend in the short term. If the peak season materializes, the valuation of the February contract is harder to determine, and it may have more upside potential. - The April contract is for the off - season. It will maintain a narrow - range volatile operation in the short - term within the peak - season logic. Given the expected greater supply pressure next year and the off - season in April, a strategy of selling on rallies is recommended. - For the recent European line quotes, the cargo booking for Week 45 was completed, and shipping companies could fill their ships. The cargo collection in Week 46 on the PA route improved slightly, but the shipping capacity in this week was extremely low. The pressure will increase in the second half of November, while the cargo volume may pick up. [3] 3. Summary by Related Catalogs Futures Market - **Futures Contract Prices and Changes**: On November 10, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 were 1812.0, 1592.0, 1164.6, 1376.1, 1499.2, and 1133.4 respectively, with changes of - 1.96%, - 0.56%, - 1.14%, - 2.69%, 1.02%, and - 0.58% compared to the previous day. Their open interest changed by - 2525, 314, 122, - 3, 5, and 32 respectively. [2] - **Monthly Spread Changes**: The monthly spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 were 647.4, 220.0, and 427.4 respectively on November 10, 2025. Compared to the previous day, they changed by - 22.8, - 27.2, and 4.4 respectively. [2] Spot Market - **Spot Indexes**: As of November 3, 2025, the SCFIS was 1208.71 points, a decrease of 7.92% from the previous period. As of November 7, 2025, the SCFI (European line) was 1323 dollars/TEU, a decrease of 1.56% from the previous period; the CCFI was 1366.85 points, an increase of 3.25% from the previous period; and the NCFI was 911.73 points, a decrease of 5.58% from the previous period. [2] News and Quotes - **Palestinian - Israeli Conflict 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. On November 10, the Houthi rebels warned that if the cease - fire in Gaza breaks down, they will resume attacks on Israel and ban Israeli ships from sailing in the Red Sea and the Arabian Sea. [4] - **European Line Quotes**: In Week 45, the average landed price was about 2050 dollars (equivalent to 1450 points on the futures market). In Week 46, it was 2000 dollars (equivalent to 1400 points on the futures market). Shipping companies announced a price increase to 2365 - 2950 dollars for the second half of November, but MSK opened at 2250 dollars (a 50 - dollar increase from the previous period), and it is expected that other shipping companies will gradually lower their quotes this week. There may also be an announced price increase for December. [3]