Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current valuation of 02 is high, and its future performance mainly depends on the spot market trend. In the short term, due to the improvement in the spot market, the market sentiment is positive. However, it is difficult to predict the peak height and time of the freight rate in January and the subsequent price - decline rhythm. Therefore, entry at the current level is not recommended. [2][8] - The valuation of 04 is moderately high, but in the short term, it may follow the spot market or recover the basis. Attention should be paid to shorting opportunities in the near - term continuous high. The far - month contracts are greatly affected by geopolitical factors. Shorting off - season contracts is safer than shorting peak - season contracts. Overall, a positive spread strategy should be adopted, and attention should be paid to shorting opportunities in the 10 contract. [2][8] Group 3: Summary by Related Catalog Futures Contract Data - EC2512: Yesterday's closing price was 1606.0, down 1.53% or 16.8, with a trading volume of 281 and an open interest of 1890, a decrease of 11 in open interest. [2][8] - EC2602: Down 3.48%, trading volume of 35004, closing price of 1806.6, down 217.4, open interest of 41660, down 0.75%. [2][8] - EC2604: Trading volume of 7754, open interest of 20867, closing price of 1158.0, up 431.2. [2][8] - EC2606: Up 0.89%, closing price of 1331.7, up 257.5, open interest of 372, trading volume of 2187. [2][8] - EC2608: Trading volume of 141, open interest of 1199, closing price of 1480.0, up 109.2. [2][8] - EC2610: Down 0.85%, closing price of 1052.0, up 537.2. [2][8] Month - to - Month Spread Data - EC2512 - 2504: The spread was 448.0, with a daily decline of 16.2 and a weekly decline of 52.1. [2][8] - EC2512 - 2602: The spread was - 200.6, with a daily decline of 40.2 and a weekly decline of 104.4. [2][8] - EC2502 - 2604: The spread was 648.6, with a previous value of 705.0 and a previous - two - period value of 591.0. [2][8] Index Data - SCEIS: Up 5.21%, updated every Monday. The current value is 1589.20, the previous value was 1510.56, and the previous - two - period value was 1509.10, announced on 2025/12/22. [2][8] - SCFI (European line): Up 9.86%, updated every Friday. The current value is 1400 dollars/TEU, the previous value was 1533, and the previous - two - period value was 1538, announced on 2025/12/19. [2][8] - CCFI (European line): Up 1.59%, the current value is 1473.9 points, the previous value was 1470.55, and the previous - two - period value was 1447.56, announced on 2025/12/19. [2][8] - NCFI: Up 9.98%, the current value is 1067.29 points, the previous value was 1064.13, and the previous - two - period value was 967.55, announced on 2025/12/19. [2][8] European Line Spot Market Situation - Week 52: MSK opened bookings at $2300 (a decrease of $100 compared to the previous week). Other companies mainly continued to use the rates of Week 51. The central price was $2500, equivalent to about 1750 points on the futures market. All shipping companies announced price increases for January bookings. [2][8] - Week 1: MSK opened bookings at $2500 (an increase of $200 compared to the previous week), waiting for other shipping companies to open bookings. [2][8] - Week 2: MSK mainly maintained the same price, quoting $2500 (high - cube containers at $2600). [2][8] Related News - On 12/23, the Suez Canal Authority: The Jacques Saadé and Adonis of CMA CGM passed through the canal on Tuesday. One was a return vessel with a previous statement, and the other was on a regular route with a precedent. [2][8]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The EC is currently in a contradiction between weak reality and strong expectations, and is highly volatile under the influence of Middle - East geopolitics and Sino - US tariff policies [2][17]. - On Wednesday, the futures market fluctuated upwards under the influence of local news, shipping company price hikes, and capital position transfers. YML released a Week 44 spot price quote of $1550 [2][17]. - The downstream is currently booking space for late October. OA quotes $1800, PA quotes $1500, and GEMINI quotes around $1600, with an optimistic average of $1640 (equivalent to 1150 points on the futures market). Week 43 OA had good cargo intake, while PA and GEMINI alliances had average intake, with a possibility of further price drops (more offline) [2][17]. - The settlement price of the 10 - contract is expected to be between 1050 - 1100 points. Given the tight shipping capacity in Week 44, the price hikes announced for the first half of November are expected to be difficult to implement. However, there are still upward drivers at multiple future price - hike nodes. Currently, the valuation of the 12 - contract is high, and the long - position trading has returned to a driver - based period. Geopolitics has a significant impact on 2026 contracts [2][17]. Group 3: Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1120.6, down 1.37%, with a basis of - 88.8, a trading volume of 3412, an open interest of 11335, and an open - interest change of - 1820 [2][17]. - EC2512: The price was 1708.6, up 2.06%, with a basis of - 676.8, a trading volume of 42616, an open interest of 27023, and an open - interest change of - 168 [2][17]. - EC2602: The price was 1463.4, down 0.07%, with a basis of - 431.6, a trading volume of 8209, an open interest of 9822, and an open - interest change of 112 [2][17]. - EC2604: The price was 1142.0, with a basis of - 110.2, and a trading volume of 4498, an open interest of 13676 [2][17]. - EC2606: The price was 1306.6, down 0.93%, with a basis of - 274.8, a trading volume of 385, an open interest of 1510, and an open - interest change of - 31 [2][17]. Month - to - Month Spreads - EC2510 - 2512: The spread was - 588.0, compared to - 537.9 the previous day and - 433.1 the day before that, with a daily change of - 50.1 and a weekly change of - 19.9 [2][17]. - EC2512 - 2602: The spread was 245.2, compared to 209.7 the previous day and 202.6 the day before that, with a daily change of 35.5 and a weekly change of - 36.8 [2][17]. Index Data - SCEIS: Updated every Monday, announced on 2025/10/13, at 1031.80 points, down 1.40% from the previous period and 6.60% from the period before that [2][17]. - SCEI: Updated every Friday, announced on 2025/10/10, at $1068 per TEU, up 9.99% from the previous period and unchanged from the period before that [2][17]. - CCFI: Updated every Friday, announced on 2025/10/10, at 1287.15 points, down 8.19% from the previous period and unchanged from the period before that [2][17]. - NCFI: Updated every Friday, announced on 2025/10/10, at 698.67 points, up 11.39% from the previous period and 2.13% from the period before that [2][17]. News and Events - Shipping companies MSK, CMA, and OOCL announced price hikes to around $2500 in November, equivalent to around 1750 points on the futures market. However, due to the average cargo intake of many shipping companies in Week 43 and tight shipping capacity in Week 44 (330,000 TEU), these price hikes are expected to be difficult to implement [2][17]. - On October 15, negotiations on the second - stage cease - fire agreement in Gaza were launched. The key points of the US government's "20 - point plan" include the complete withdrawal of the Israeli army from the Gaza Strip, the disarmament of Hamas, the establishment of an international stabilization force, and the formation of a Palestinian independent technical bureaucracy committee. Hamas insists on Israel ending the occupation and Palestinian state - building as a prerequisite for complete disarmament, and the Israeli government currently only agrees to the first - stage agreement, suggesting that subsequent negotiations will not be smooth [2][17]. - On October 15, the Israeli government expected Hamas to return all hostages, decided to open the Rafah crossing, and the Israeli Defense Minister ordered the military to formulate a comprehensive plan to "crush Hamas" if the Gaza conflict resumes [2][17]. - Trump threatened that if Hamas does not abide by the cease - fire agreement, Israel will resume action at his order without US military intervention [3][18].

Group 1: Futures Contract Information - EC2506 had a closing price of 1948.6 with a change of 0.61% and a volume of 2361, and its open interest decreased by 335 [2] - EC2508 had a closing price of 2065.6 with a change of 0.15% and a volume of 55701, and its open interest decreased by 2100 [2] - EC2510 had a closing price of 1343.7 with a change of 1.03% and a volume of 7945, and its open interest increased by 150 [2] - EC2512 had a closing price of 1520.7 with a change of 1.10% and a volume of 1211, and its open interest increased by 88 [2] - EC2602 had a closing price of 1376.5 with a change of 0.45% and a volume of 379, and its open interest decreased by 5 [2] - EC2604 had a closing price of 1225.5 with a change of 0.67% and a volume of 600, and its open interest decreased by 11 [2] Group 2: Month - to - Month Spread Information - The spread of EC2506 - 2508 was - 117.0, with a week - on - week change of 111.8 [2] - The spread of EC2508 - 2510 was 721.9, with a week - on - week change of - 94.2 [2] - The spread of EC2506 - 2510 was 604, with a week - on - week change of 17.6 [2] - The spread of EC2510 - 2512 was - 177.0, with a week - on - week change of 10.1 [2] - The spread of EC2512 - 2602 was 144.2, with a week - on - week change of - 26.1 [2] Group 3: Index Information - The SCEIS index on 2025/6/2 was 1252.82, with a change of 0.46% from the previous period [2] - The SCFI index on 2025/6/6 was 1667, with a change of 5.04% from the previous period [2] - The CCFI index on 2025/6/6 was 1397.02, with a change of 1.56% from the previous period [2] - The NCFI index on 2025/6/6 was 1123.64, with a change of 5.25% from the previous period [2] - The TCI (Sino - Japanese) index on 2025/6/6 was 839.4, with no change from the previous period [2] Group 4: Capacity and Quotation Information - The average weekly capacity in June and July (tentatively) 2025 is 297,000 and 314,000 TEU respectively. In the second half of June, the capacity in week 24 and 25 is 300,000 and 285,000 TEU respectively [2] - The average of the second week of June is about 1800 points when converted to the futures market. The current average price in the second half of June is about 2950 US dollars, and week 24 is about 2050 points when converted to the futures market [2] Group 5: News Information - On June 9, local time, Chinese Vice - Premier He Lifeng started the first meeting of the China - US economic and trade consultation mechanism with the US side in London [2] - On June 9, the Israeli military claimed to have destroyed a 1.5 - kilometer - long underground tunnel in the Gaza Strip [2] - On June 10, Israeli Prime Minister Netanyahu had a phone call with US President Trump. Trump said the US had made a reasonable proposal to Iran and expected a response in the next few days, and he planned to hold another round of talks with Iran this weekend [2]