Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For contract 04, pay attention to spot and actual shipping. Before the Spring Festival, falling spot prices suppress the futures market, so shorting on rallies is relatively safe. However, falling freight rates may prompt shipping companies to raise prices and stimulate a post - holiday rush, potentially weakening the decline slope in March. Currently, the valuation of 04 is neutral, with shorting on rallies as the main strategy before the Spring Festival, and geopolitical fluctuations should be noted. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate cautiously, mainly using a positive spread strategy. Currently, the valuation of 10 is moderately high, and opportunities to short 10 on rallies should be monitored. [3] 3. Summary by Relevant Content Market Data - **Contract Prices and Changes**: EC2602 closed at 1717.5 with a - 0.53% change, EC2604 at 1193.9 (- 0.52%), EC2606 at 1442.2 (- 0.37%), EC2608 at 1528.4 (+ 0.29%), and EC2610 at 1112.0 (- 0.20%). [2] - **Month - to - Month Spreads**: EC2502 - 2604 spread was 523.6 (previous day: 526.5, previous two days: 579.4, day - on - day change: - 2.9); EC2504 - 2606 spread was - 248.3 (previous day: - 247.4, previous two days: - 274.6, day - on - day change: - 0.9). [2] - **Indices**: SCFIS (on January 26, 2026) was 1859.31 points, down 4.86% from the previous period; SCFI (on January 23, 2026) was 1676 dollars/TEU, down 4.83% from the previous period. [2] European Line Spot Situation - Week 5: MSK opened at 2450 (down 300 from the previous period), PA at 2400 (special price 2200), OA at 2500 - 2700 dollars, with a central price of 2500 dollars, equivalent to 1750 points on the futures. - Week 6: MSK opened at 2050 (down 400 from the previous period), PA around 2200, MSC at 2340, OA at 2300 - 2400 dollars, with a central price of 2300 dollars, equivalent to 1580 points on the futures. - On Tuesday, MSK opened at 1950 for February weeks 7 - 9 (down 100 from the previous period), lower than market expectations. [4] Relevant News - On January 28, US President Trump announced a large fleet was heading to the Middle East. The "Abraham Lincoln" aircraft carrier strike group had reached the Indian Ocean and was expected to reach the Arabian Sea in a few days. The US was deploying more transport planes, tankers, and missile defense systems in the region. - On January 28, Iranian officials said they were monitoring the Strait of Hormuz in real - time. An Iranian naval commander said Iran's control of the strait was fully intelligentized. - On January 28, the US was reported to have informed Israel of its preparations for actions against Iran. Preparations were expected to be completed in two weeks, and there might be an "opportunity window" for action in the next few months. [5]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - For the EC2602 contract, it is moving towards the delivery logic and is subsequently influenced by the spot market. Its current valuation is neutral, and new entry is not recommended [3]. - The EC2604 contract requires attention to spot prices and actual rush - shipping situations. The expected decline in MSK's cabin opening in week 5 may suppress the futures market, but rush - shipping may occur as freight rates fall, potentially reducing the decline rate in March. Its valuation fluctuates widely within a reasonable range, and subsequent corrective market opportunities are worth noting [3]. - Export - tax rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. It is generally recommended to short the 10 - contract on rallies [3]. 3. Summary by Relevant Catalog 3.1 Contract Data - EC2602: Yesterday's closing price was 1720.4, down 1 - 8%, with a trading volume of 6210 and an open interest of 11862, a decrease of 1482 [2]. - EC2604: Yesterday's closing price was 1199.7, down 6.33%, with a trading volume of 44098 and an open interest of 38770, an increase of 1678 [2]. - EC2606: Yesterday's closing price was 1413.5, down 4.82%, with a trading volume of 2459 and an open interest of 3264, an increase of 328 [2]. - EC2608: Yesterday's closing price was 1529.9, down 2.26%, with a trading volume of 260 and an open interest of 1359, a decrease of 92 [2]. - EC2610: Yesterday's closing price was 1107.4, down 4.04%, with a trading volume of 1672 and an open interest of 7446, an increase of 218 [2]. 3.2 Month - spread Data - EC2502 - 2604: The value was 520.7, with a daily increase of 53.5 and a weekly decrease of 76.4 [2]. - EC2504 - 2606: The value was - 213.8, with a daily decrease of 9.5 and a weekly increase of 27.1 [2]. 3.3 Index Data - SCHIS (updated every Monday, announced on 2026/1/12): The current value is 1956.39 points, up 8.94% from the previous period and 3.05% from two periods ago [2]. - SCFI (European line, updated weekly, announced on 2026/1/9): The current value is 1719 US dollars/TEU, up 1.72% from the previous period [2]. 3.4 European Line Spot Situation - Week 3: MSK opened cabins at 2600. Other alliances had a slight decline, with PA at 2600 (YML's one route at 2400), PA at 2800 - 2900 US dollars. The central price was 2750 US dollars, equivalent to about 1930 points on the futures [3]. - Week 4: MSK opened cabins at 2700. Other alliances remained stable for the time being, with a central price of 2750 US dollars, equivalent to about 1930 points on the futures [3]. - Week 5: MSK opened cabins at 2400 (a decrease of 300 compared to the previous week), YML quoted at 2650 US dollars, and other shipping companies had not adjusted prices yet [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The EC2512 contract is approaching the delivery logic, with P1 around 1,550 - 1,600 points. P2 and P3 are benchmarked against the second - half of December cabin positions, expecting a stable - to - rising trend. [3][11] - The EC2602 contract is undervalued. The core of going long is to wait for the signal of cargo capacity explosion. The cargo volume on the European route is strong this year. Considering factors such as the late Chinese New Year, the incomplete start of pre - holiday concentrated shipments, and the positive impact of December price cuts on January price increase implementation, if the peak season is gradually realized, EC2602 may have more upside potential. [3][11] - For the EC2604 contract, a short - selling approach on rallies is still recommended. [3][11] 3. Summary by Relevant Catalogs Futures Market - EC2512: Yesterday's closing price was 1,631.1, with a change of 1.13% and 6.07% (unclear). The basis was 8.3, the trading volume was 1,737, the open interest was 4,501, and the open interest change was - 7/31 - 2,857. [2][10] - EC2602: Yesterday's closing price was 1,471.9, the basis was 167.5, the trading volume was 41,467, and the open interest was 40,111. [2][10] - EC2604: Yesterday's closing price was 1,072.2, with a change of 1.67%. The basis was 567.2, the trading volume was 7,369, the open interest was 18,743, and the open interest change was 42. [2][10] - EC2606: Yesterday's closing price was 1,215.2, with a change of 2.11%. The basis was 424.2, the trading volume was 519, and the open interest was 2,254. [2][10] - EC2608: Yesterday's closing price was 1,339.0, with a change of 2.15%. The basis was 300.4, the trading volume was 257, the open interest was 1,630, and the open interest change was - 20. [2][10] - EC2610: Yesterday's closing price was 1,021.0, with a change of 0.87%. The basis was 618.4, the trading volume was 954, the open interest was 3,975, and the open interest change was 2,715. [2][10] Month - to - Month Spreads - EC2512 - 2504: The previous day's spread was 558.9, with a daily change of 0.6 and a weekly change of - 53.8. [2][10] - EC2512 - 2602: The previous day's spread was 159.2, with a daily change of - 66.0 and a weekly change of 14.5. [2][10] - EC2502 - 2604: The previous day's spread was 399.7, with a daily change of 66.6 and a weekly change of - 68.3. [2][10] Spot Market Indicators (European Route) - SCHIS: Updated weekly on Mondays. As of November 24, 2025, it was 1,639.37 points, with a current - period increase of 20.75% and a previous - period decrease of 9.78%. [2][10] - SCFI: Updated weekly on Fridays. As of November 28, 2025, it was 1,404 dollars/TEU, with a current - period increase of 2.71% and a previous - period decrease of 3.55%. [2][10] - CCFI: Updated weekly on Fridays. As of November 28, 2025, it was 1,449.34 points, with a current - period increase of 1.14% and a previous - period increase of 2.09%. [2][10] - NCFI: As of November 28, 2025, it was 1,024.64 points, with a current - period increase of 7.671% and a previous - period decrease of 2.83%. [2][10] Recent European Route Spot Situation - The average price in Week 49 was 2,360 dollars, equivalent to 1,650 points on the futures market. The price increase in early December failed. In Week 50, MSK's opening price dropped to 2,200 dollars, setting the tone. OA was at 2,300 - 2,400 dollars, PA was at 2,100 - 2,200 dollars, with a current central price of 2,270 dollars, equivalent to 1,580 points on the futures market. MSC plans to raise the price of second - half of December cabin positions to 3,500 dollars, and ONE to 2,800 dollars. Shipping companies are expected to announce price increases for January cabin positions in early December. [4][12] Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. [5][13] - On November 29, Hezbollah in Lebanon stated that it would retaliate against Israel for the attack on its senior commander. [5][13]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August to early September (week 35 - 36). Week 35's final average price is $2550 (equivalent to 1800 points), and week 36's current average quoted price is $2300 (equivalent to 1600 points). Among them, PA Alliance quotes $2200 - 2300, MSK quotes $2100 (later increased to $2200), and OA Alliance quotes $2300 - 2400. From a fundamental perspective, MSK has relatively less pressure to receive goods due to its large price cut, but most shipping companies have pressure to receive goods at the end of the month [1]. - In September 2025, the overall shipping capacity is adjusted downwards because OA Alliance's FAL8 adds a suspension of service in week 37. The average weekly shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspensions, it is 290,000 TEU for both months. Overall, the situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), and the downward space may be limited. Subsequently, attention can be paid to the long - allocation opportunity of the December contract [1]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - EC2508 closed at 2127.7 yesterday, up 0.13%, with a basis of 52.5, a trading volume of 120, an open interest of 1968, and a change in open interest of - 92 [1]. - EC2510 closed at 1309.0 yesterday, down 1.21%, with a basis of 871.2, a trading volume of 25350, an open interest of 54255, and a change in open interest of - 38 [1]. - EC2512 closed at 1661.2 yesterday, down 3.50%, with a basis of 519.0, a trading volume of 8311, an open interest of 13295, and a change in open interest of 1086 [1]. - EC2602 closed at 1465.0 yesterday, down 3.17%, with a basis of 715.2, a trading volume of 1372, an open interest of 4455, and a change in open interest of 52 [1]. - EC2604 closed at 1264.5 yesterday, down 1.94%, with a basis of 915.7, a trading volume of 1364, an open interest of 5836, and a change in open interest of 120 [1]. - EC2606 closed at 1430.0 yesterday, down 2.73%, with a basis of 750.2, a trading volume of 203, an open interest of 879, and a change in open interest of 20 [1]. 3.2 Month - spread Information - The month - spread of EC2508 - 2510 was 818.7 the previous day, with a day - on - day increase of 18.7 and a week - on - week increase of 103.6 [1]. - The month - spread of EC2510 - 2512 was - 352.2 the previous day, with a day - on - day increase of 44.2 and a week - on - week increase of 64.4 [1]. - The month - spread of EC2512 - 2602 was 196.2 the previous day, with a day - on - day decrease of 12.2 and a week - on - week increase of 556 [1]. 3.3 Spot Index Information - The SCHIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and down 2.71% from the period before the previous one [1]. - The SCFI (European line) index was $1668/TEU, down 8.35% from the previous period and down 7.9% from the period before the previous one [1]. - The CCFI (European line) index on August 22, 2025, was 1757.74 points, down 1.83% from the previous period and down 0.48% from the period before the previous one [1]. - The NCFI (European line) index on August 22, 2025, was 1083.74 points, down 8.83% from the previous period and down 5.49% from the period before the previous one [1]. 3.4 Other Information - As of August 24, a Hamas senior official said that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive [3]. - On August 21, the US and the EU reached an agreement on the "Framework Agreement on Reciprocal, Fair, and Balanced Trade". The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, plan to purchase $750 billion of US liquefied natural gas, oil, and nuclear products by 2028, another $40 billion of US artificial intelligence chips, and significantly increase the purchase of US military and defense equipment. EU companies will also invest an additional $600 billion in US strategic industries [4]. - The XSI - C index is delayed by three working days for publication [5].

Group 1: EC Futures Contract Information - EC2506 had a closing price of 1883.0 with a -0.42% change, a base of 54.1, a trading volume of 635, an open interest of 3361, and an open interest change of -172 [2] - EC2508 had a closing price of 1875.0 with a -0.79% change, a base of 62.1, a trading volume of 70521, an open interest of 47053, and an open interest change of 1085 [2] - EC2510 had a closing price of 1370.0 with a 0.74% change, a base of 567.1, a trading volume of 15474, an open interest of 31514, and an open interest change of 17/29 [2] - EC2512 had a closing price of 1530.1 with a -0.64% change, a base of 407.0, a trading volume of 2667, an open interest of 6656, and an open interest change of 460 [2] - EC2602 had a closing price of 1372.1 with a -0.64% change, a base of 565.0, and an open interest of 2939 with an open interest change of -39 [2] - EC2604 had a closing price of 1209.8 with a 0.72% change, a base of 727.3, a trading volume of 797, an open interest of 4156, and an open interest change of 169 [2] Group 2: Month - to - Month Spread - The EC2506 - 2508 spread was 8.0, compared to 1.0 the previous day, with a daily change of -130.7 and a weekly change of 144.2 [2] - The EC2508 - 2510 spread was 505.0, compared to 530.0 the previous day, with a daily change of 616.1 and a weekly change of -116.9 [2] - The EC2506 - 2510 spread was 513.0, compared to 531.0 the previous day, with a daily change of 485.4 and a weekly change of 27.3 [2] - The EC2510 - 2512 spread was -160.1, compared to -180.0 the previous day, with a daily change of -184.4 and a weekly change of 34.8 [2] - The EC2512 - 2602 spread was 158.0, compared to 159.0 the previous day, with a daily change of 152.5 and a weekly change of -21.5 [2] Group 3: Spot Market Indicators - The SCHIS spot index on 2025/6/23 was 1937.14, up 14.11% from the previous period and 4.61% from two periods ago [2] - The SCFI (European Line) on 2025/6/20 was $1835/TEU, down -0.49% from the previous period and up 10.62% from two periods ago [2] - The CCFI (European Line) on 2025/6/20 was 1578.6 points, up 6.03% from the previous period and 6.57% from two periods ago [2] - The NCFI on 2025/6/20 was 1299.58 points, down -0.64% from the previous period and up 16.40% from two periods ago [2] - The TCI on 2025/6/20 was 930.54 points, with no change from the previous period and up 6.97% from two periods ago [2] Group 4: Capacity Arrangement - The average weekly capacity in July and August 2025 was 293,000 and 304,000 TEU respectively [2] - The OA Alliance's FAL7 route week28 added a blank sailing this week [2] - Supply pressure in the first week of July was neutral, low in the third week, and high in the second and fourth weeks [2] Group 5: Recent European Line Quotations - Shipping companies announced price increases for July. MSK opened at $3400, and others were mostly between $3500 - $4000 [3] - Some shipping companies later lowered prices. MSK dropped to $3100, others were around $3500, with an average of $3400, equivalent to 2400 points on the futures [3] Group 6: News - On June 24, Trump announced that Israel and Iran had agreed to a full cease - fire. Iran would start first, and Israel would follow after 12 hours [4] - White House senior officials said Israel agreed to the cease - fire on the condition that Iran would not launch further attacks, and Iran signaled it would not attack [4] - An advisor to the Iranian Parliament Speaker called Trump's cease - fire statement a provocation [4]