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. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Pessimistic sentiment has been digested, and short - sellers have taken profit and left the market. The main contract has risen significantly. It is recommended to wait and see as the freight rate has no obvious fluctuations [1]. - The tariff issue has a marginal effect. The current core is the direction of the spot freight rate. The main contract has shown a seasonal rebound, so it is recommended to participate with a light position or wait and see [2]. - After the rapid recovery of the market, attention should be paid to tariff policies, the Middle - East situation, and the spot freight rate [3]. 3. Summary by Related Content Freight Index - On November 28th, compared with November 24th: The NCFI (composite index) was 972.63 points, up 2.77%; the SCFIS (European route) was 1639.37 points, up 20.7%; the NCFI (European route) was 1024.64 points, up 7.67%; the SCFIS (US West route) was 1107.85 points, down 10.5%; the NCFI (US West route) was 881.66 points, down 7.77% [1]. - On November 28th: The SCFI announced price was 1403.13 points, up 9.57 points; the CCFI (composite index) was 1121.80 points, down 0.1%; the SCFI European route price was 1404 USD/TEU, up 2.71%; the CCFI (European route) was 1449.34 points, up 1.1%; the SCFI US West route was 1632 USD/FEU, down 0.79%; the CCFI (US West route) was 841.86 points, down 1.1% [1]. Economic Data of Different Regions - Eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45); services PMI preliminary value was 51.2 (expected 51.5, previous value 51.4); composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6); Sentix investor confidence index's previous value was -9.2, forecast value was -8.5 [2]. - In October in China, the 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 [2]. - US October S&P Global services PMI preliminary value was 55.2 (expected 53.5, previous value 54.2); manufacturing PMI preliminary value was 52.2 (expected 52); composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [2]. Main Contract Data - On November 28th, the main contract 2602 closed at 1471.9, with a gain of 6.74%, a trading volume of 41,500 lots, and an open interest of 40,100 lots, a decrease of 1089 lots from the previous day [3]. Strategy Recommendations - Short - term strategy: For risk - takers, it is recommended to take a light - position long in the EC2602 contract in the range of 1550 - 1600. If the market drops sharply, do not add positions and do not hold on to losing positions. Set a stop - loss [4]. - Arbitrage strategy: In the context of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or take a light - position attempt [4]. - Long - term strategy: It is recommended to take profit when each contract rises, and then wait for the callback to stabilize before judging the subsequent direction [4]. Contract Rules Adjustments - The daily limit and daily floor for contracts 2508 - 2606 are adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The intraday opening limit for all contracts from 2508 - 2606 is 100 lots [4]. Western Land - Sea New Corridor - As of November 29th, the Western Land - Sea New Corridor trains have cumulatively sent more than 5 million TEUs of containerized goods since 2017, reaching 5.003 million TEUs. This year alone, the volume has exceeded 1.3 million TEUs, reaching 1.308 million TEUs, a year - on - year increase of 55.3% [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].

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 Information - Report Date: November 4, 2025 [2][18] - Research Team: Research Center's Energy and Chemicals Team [2][18] Group 2: Futures Market Data Futures Contracts - EC2512: Closing price 1851.7, up 2.64%, trading volume 18824, open interest 29320, change in open interest -2045 [2][18] - EC2602: Closing price 1592.2, up 2.48%, trading volume 5040, open interest 18781, change in open interest 326 [2][18] - EC2604: Closing price 1184.4, up 2.01%, trading volume 2233, open interest 14507, change in open interest -403 [2][18] - EC2606: Closing price 1400.8, up 1.54%, trading volume 274, open interest 1490, change in open interest -31 [2][18] - EC2608: Closing price 1483.5, up 0.84%, trading volume 102, open interest 1342, change in open interest -10 [2][18] - EC2610: Closing price 1139.3, up 0.64%, trading volume 176, open interest 1266, change in open interest -14 [2][18] Month Spreads - EC2512 - 2504: Previous day 667.3, change 24.4 compared to the day before the previous day [2][18] - EC2512 - 2602: Previous day 259.5, change 9.1 compared to the day before the previous day [2][18] - EC2502 - 2604: Previous day 407.8, change 15.3 compared to the day before the previous day [2][18] Group 3: Spot Market Data Spot Indicators - Spot (Tetanar): On November 3, 2025, at 1208.71 points, down 74.92% from the previous period, up 15.11% from two periods ago [2][18] - SCF (Europe Line): On October 31, 2025, at 1344 dollars/TEU, up 7.87% from the previous period, up 8.82% from two periods ago [2][18] - CCFI: On October 31, 2025, at 1323.81 points, up 2.37% from the previous period, up 1.99% from two periods ago [2][18] - NCFI: On October 31, 2025, at 965.62 points, up 17.43% from the previous period, up 2.38% from two periods ago [2][18] Group 4: Recent Quotes and News Recent European Line Quotes - This week, downstream is booking space for early November (week 45). In early November, PA dropped to $1700 - 1900, GEMIN to $2100 - 2200, OA to $2250, with an average of about $2050 (equivalent to 1430 points on the disk) [19] News - On October 31, Israel attacked Gaza for the third consecutive night, and the cease - fire agreement was under pressure. The XSI - C index was delayed by three working days [4][20] Group 5: Market Analysis and Suggestions Market Analysis - The overall market is oscillating, waiting for the next driving force. MSK's opening of cabins today may determine the price increase in mid - November [2][18] Investment Suggestions - Due to the positive factors such as long - term contract signing from November to December, it is recommended to adopt a buy - on - dips strategy. Wait for this week to continue trading on PA price cuts or MSK's flat price [2][18] - The valuation of the EC2512 contract is moderately high, and subsequent contracts will mainly follow its trend. The valuation of the EC2602 contract is difficult to anchor with high uncertainty. The EC2604 contract is a off - season contract, and it is recommended to adopt a sell - on - rallies strategy considering the greater supply pressure next year, the off - season in April, and potential resumption of flights [2][18]

Report Summary 1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - After the holiday, there are multiple upward drivers including multiple price increase announcements, high operational space for shipping companies such as speed reduction and suspension of voyages, and the long - term agreement signing season from December to January. However, the economies in Northwest Europe are deteriorating and new ships are being launched successively. Overall, the valuations of contracts 12 and 02 are already high, and it is not recommended to chase the high prices. The short - term trend is expected to be volatile. Contract 04 currently has a high valuation, and as an off - season contract, it is more suitable for short - selling in the short term, but attention should be paid to the low liquidity which may cause short - term fluctuations [2] 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - For EC2510, the closing price was 1139.0, with a decline of 2.90%, a basis of 115.9, trading volume of 22035, and open interest of 32431 with a decrease of 3095 [1] - For EC2512, the closing price was 1777.0, a decline of 0.34%, a basis of - 522.1, trading volume of 19314, and open interest of 21695 with a decrease of 1300 [1] - For EC2602, the closing price was 1685.0, a decline of 0.66%, a basis of - 430.1, trading volume of 6466, and open interest of 8768 [1] - For EC2604, the closing price was 1268.6, a decline of 1.28%, a basis of - 13.7, trading volume of 1657, and open interest of 9099 with an increase of 142 [1] - For EC2606, the closing price was 1483.5, an increase of 0.08%, a basis of - 228.6, trading volume of 97, and open interest of 938 with a decrease of 14 [1] - The spread of EC2510 - 2512 was - 638.0, with a day - on - day decrease of 27.9 and a week - on - week decrease of 77.8 [1] - The spread of EC2512 - 2602 was 92.0, with a day - on - day increase of 5.1 and a week - on - week increase of 11.7 [1] 3.2 Spot Index Information - The SCHIS SCFI (European line) index was 1254.92 points on September 22, 2025, a decrease of 12.87% from the previous period and 8.06% from two periods ago. The price was 971 dollars/TEU on September 26, 2025, a decrease of 7.70% from the previous period and 8.84% from two periods ago [1] - The CCFI index was 1401.91 points on September 26, 2025, a decrease of 4.69% from the previous period and 4.31% from two periods ago [1] - The NCFI index was 614.14 points on September 26, 2025, a decrease of 8.83% from the previous period and 7.65% from two periods ago [1] 3.3 European Line Quotation Situation - For week 39 (end of September), the average quotation was 1600 US dollars (equivalent to 1150 points on the futures market). MSK quoted 1500 US dollars (later increased to 1570), PA Alliance quoted 1550 - 1600 US dollars, and OA Alliance quoted 1600 - 1720 US dollars [3] - For weeks 40 - 41 (beginning of October), the average quotation was 1450 US dollars (equivalent to 1020 points on the futures market). MSK quoted 1400 US dollars, PA quoted 1300 - 1500 US dollars (YML's 1300 US dollars was the lowest price of the year), and OA quoted 1400 - 1600 US dollars [3] - For week 42, MSK's opening quotation was 1800 US dollars (a 400 - dollar increase from the previous period), and other shipping companies successively announced post - holiday price increases to 2000 US dollars [3] 3.4 Related News - On September 29, Trump claimed that the Middle East peace agreement "will surely be reached". He will meet with Israeli Prime Minister Netanyahu on Monday to finalize the agreement framework [4] - On September 28, Hamas stated that it had not received a new cease - fire proposal, and the Israel - Palestine negotiations were at an impasse [4] - On September 28, the Israeli Defense Minister said that it would not stop military operations in the Gaza Strip [4]