1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The current valuation of the 04 contract is moderately high, with significant influence from pre - holiday funds. After the holiday, it will fluctuate widely under the influence of expectations of price increases, rush shipments, and off - season [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and shipping companies have a large space for price - adjustment operations. It is recommended to operate with caution. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and go long on the 07 contract, but the valuation given by the market is relatively reasonable. The 05 contract is at the off - season switching node, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, there are frequent position - closing operations by funds, and the market is expected to fluctuate greatly. It is recommended to operate with caution this week [3]. 3. Summary by Relevant Catalogs 3.1 Contract Data - EC2604: Yesterday's closing price was 1258.9, up 6.88%. The basis was 399.0, yesterday's trading volume was 36394, and the open interest was 31021, with a change of - 2006 [2]. - EC2605: The price was 1304.0, up 2.25%. The basis was 353.9, trading volume was 138, open interest was 194, with a change of - 20 [2]. - EC2606: The price was 1566.1, up 4.34%. The basis was 91.8, trading volume was 4232, open interest was 13387, with a change of - 798 [2]. - EC2607: The price was 1743.0, up 1.34%. The basis was - 85.1, trading volume was 48, open interest was 132, with a change of 13 [2]. - EC2608: The price was 1632.0, up 3.23%. The basis was 25.9, trading volume was 452, open interest was 1402, with a change of 31 [2]. - EC2609: The price was 1233.1, down 0.56%. The basis was 424.8, open interest was 133, with a change of - 1 [2]. - EC2610: The price was 1131.1, up 2.36%. The basis was 526.8, trading volume was 1230, open interest was 8090, with a change of - 218 [2]. - EC2612: The price was 1425.4, up 2.18%. The basis was 232.5, open interest was 122, with a change of - 3 [2]. 3.2 Month - spread Data - EC2604 - 2606: The previous day's value was - 307.2, with a daily increase of 15.9 and a weekly decrease of 7.4 [2]. - EC2604 - 2605: The previous day's value was - 45.1, with a daily increase of 52.3 [2]. - EC2606 - 2610: The previous day's value was 435.0, with a daily increase of 39.0 and a weekly increase of 36.7 [2]. 3.3 Spot Index Data - Spot (European Line): On February 9, 2026, it was 1657.94 points, down 7.49% from the previous period [2]. - SCFI (European Line): On February 6, 2026, it was 1403 dollars/TEU, down 1.06% from the previous period [2]. 3.4 European Line Spot Situation - Week 7: MSK's opening rate was 1950 dollars (down 100 dollars from the previous week), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central rate was 2130 dollars, equivalent to 1500 points on the market [4]. - Week 8 - 9: MSK's opening rate remained at 1950 dollars, and other shipping companies also mainly continued their previous quotes [4]. - March price increase announcement: Last week, MSC took the lead in issuing a price - increase letter, followed by CMA, COSCO, and HPL. The European line price was announced to increase to 3000 - 3100 dollars [4]. - On Tuesday, MSK's opening rate for the first week of March (week 10) was 1950 dollars, the same as the previous week [4]. 3.5 Relevant News - On February 12, 2026, US President Trump said that the US "must" reach an agreement with Iran, otherwise the situation will be "very serious". He also said that the meeting with Israeli Prime Minister Netanyahu was "very good", and whether to reach an agreement "ultimately depends on me" [5]. - On February 12, 2026, Trump said that the meeting with Netanyahu was very successful, and they discussed the great progress in Gaza and the entire region [5].

| 【中信期货航运】主力合约增仓下行,盘后MSK开舱3月环 | | | --- | --- | | 比持平于1900美元/FEU | | | 究 | 投资咨询业务资格: 工业与周期组 证监许可 2012】669号 | | 安婕锐 | 武嘉峪 | | 人业资格号: F03100682 从业资格号: F03117373 | | | 投资咨询号: 70021085 投资咨询号: Z0022651 | | | 现货市场仍处于降价周期、市场对3月淡季涨价函效果存一定怀疑、今日EC2605、EC2607、EC2609三个新合约上市。主力合约 | | | EC2604低开后中午跌幅扩大、盘中跌超5%，成交量有一定反弹。截至收盘04合约增仓，收于1179点，跌4.77%，当前持仓上涨至3.4万 | | | 手。部分合约波动较大，EC2607合约涨超12%收于1731点为盘面最高估值合约;EC2609跌22.99%收于1239.5点。 | | | 即期市场运价方面,据极羽科技,MSK3月首周运价持平于1900/2000美元。 | | | GEMINI: NSK开舱3月首周（3月6日）AE1上海-鹿特丹运价位于1200/1900 ...