Group 1: Shipping Derivatives Data - The present values of Shanghai Export Containerized Freight Index (SCFI), China Containerized Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean are 1317, 1176, 1867, 1294, 2605, 1418, 1859, and 2424 respectively [4]. - The previous values of these indices are 1458, 1209, 2084, 1305, 2896, 1595, 1954, and 2756 respectively [4]. - The percentage changes of these indices are -9.68%, -2.74%, -10.41%, -0.84%, -10.05%, -11.10%, -4.86%, and -12.05% respectively [4]. Group 2: Market News and Geopolitical Situation - Mixed signals from the US and Iran have led to a slight decline in the market's probability prediction of a military strike. Iranian senior officials said efforts to start negotiations with the US are making progress [5]. - According to the Wall Street Journal, the possibility of the US launching an air strike on Iran in the near term is low as the US is still moving air - defense capabilities to the region [5]. - The USS Abraham Lincoln has left the Gulf of Oman and entered the Indian Ocean as part of a retreat [5]. Group 3: EC (European Container) Market - The EC market shows a volatile trend. The spot prices are in a pre - holiday decline, with different adjustments among alliances [6]. - In the GEMINI alliance, Maersk's opening price in WK6 dropped to 2000 - 2100 dollars/FEU and further to 1995 dollars/FEU in WK7, while Hapag - Lloyd maintained 2300 - 2500 dollars/FEU in WK6 and remained stable in WK7 [6]. - In the OA alliance, the price in WK6 slightly fell to around 2500 dollars/FBU, and in WK7, COSCO Shipping in North China ports adjusted to 2200 - 2300 dollars/FBU, with East China ports likely to follow [6]. - In the PA alliance, the price fluctuated between 2200 - 2400 dollars/FEU in WK6, and in WK7, influenced by ONE's WK8 list price of 2000 dollars/FEU, the average price approached 2000 dollars/FEU, with some special prices at 1800 dollars/FEU [6]. - MSC also slightly lowered its prices from WK6 to WK7. Affected by the pre - holiday cargo volume vacuum, all alliances' quotes showed a downward trend [6]. Group 4: Market Analysis and Strategy - This week, the EC market is in a "differentiated pattern under the game between expectation and reality", with a misalignment between futures and spot performance. Futures are supported by multiple expectations and prices have risen, while the spot market remains weak [7]. - The core logic for the futures rise is the rush - shipping expectation due to the cancellation of photovoltaic tax rebates, geopolitical conflicts, and bad weather in Northwest Europe. The spot market is affected by pre - holiday low cargo volume and price cuts by shipping companies [7]. - In the medium and long - term, there is a risk of over - capacity. New ships will be delivered in 2026, and the resumption of the Red Sea route will release hidden capacity, suppressing the freight rate center [7]. - The strategy suggests caution, not chasing high prices. For hedging, it is advisable to hold positions, and for arbitrage, gradually reduce positions. Key factors to track include shipping companies' price increases, Red Sea route resumption signals, and cargo volume data [7]. - In the short - term, the cost - effectiveness of short - selling has decreased. It is recommended to focus on going long on the 06 contract at low levels and short - selling the off - season 10 contract on rebounds [8].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the EC2604 contract, attention should be paid to the spot market and actual rush shipping. Before the Spring Festival, the falling spot prices suppress the futures market, and shorting on rallies is relatively safe. However, as freight rates decline, shipping companies may announce price increases to stabilize prices, which may also trigger a wave of shipping after the Spring Festival, potentially weakening the downward slope of prices in March. Currently, the valuation of EC2604 is moderately high, and shorting opportunities on rallies can be considered, while geopolitical fluctuations need to be noted. [3] - The adjustment of export tax rebates is negative for the far - month contracts, but the far - month contracts are greatly affected by geopolitical fluctuations. It is recommended to operate with caution and mainly adopt a positive spread trading strategy. Currently, the valuation of EC2610 is high, and shorting opportunities for EC2610 on rallies can be considered. [3] Group 3: Summary of Related Data Futures Contract Data - EC2602: Yesterday's closing price was 1726.7, up 0.52%, with a basis of 227.5, trading volume of 565, and open interest of 4225, a decrease of 176. [2] - EC2604: Yesterday's closing price was 1200.2, up 5.44%, with a basis of 754.0, trading volume of 43172, and open interest of 41690, an increase of 541. [2] - EC2606: Yesterday's closing price was 1447.6, up 2.46%, with a basis of 506.6, trading volume of 4483, and open interest of 7324, an increase of 1333. [2] - EC2608: Yesterday's closing price was 1524.0, up 1.91%, with a basis of 430.2, trading volume of 614, and open interest of 1515, an increase of 172. [2] - EC2610: Yesterday's closing price was 1114.2, up 1.94%, with a basis of 840.0, trading volume of 2148, and open interest of 8565, an increase of 195. [2] Month - spread Data - EC2502 - 2604: The previous day's value was 526.5, with a day - on - day decrease of 52.9 and a week - on - week decrease of 70.9. [2] - EC2504 - 2606: The previous day's value was - 247.4, with a day - on - day increase of 27.2 and a week - on - week decrease of 42.6. [2] Spot Index Data - SCFIS (European line): Updated weekly on Monday, as of January 19, 2026, it was 1954.19 points, down 0.11% from the previous period, and up 8.94% from the period before the previous one. [2] - SCFI (European line): Updated weekly, as of January 23, 2026, it was 1595 US dollars/TEU, down 4.83% from the previous period and down 2.50% from the period before the previous one. [2] European Line Spot Freight Situation - Week 5: MSK's opening price was 2450 (a decrease of 300 compared to the previous period), PA was 2400 (special price 2200), and OA was 2500 - 2700 US dollars. The central price was 2500 US dollars, equivalent to 1750 points on the futures market. [4] - Week 6: MSK's opening price was 2050 (a decrease of 400 compared to the previous period), PA was around 2200, MSC was 2340, and OA was 2400 - 2500 US dollars. The central price was 2320 US dollars, equivalent to 1625 points on the futures market. [4] Group 4: News and Geopolitical Information - On January 27, a US official said that US President Trump fully agreed with Israeli Prime Minister Netanyahu's statement that the reconstruction of Gaza would not start until Hamas was demilitarized and disarmed. [4] - On January 27, US President Trump said that the situation in Iran was "changing rapidly" as he sent a "huge fleet" to the region, but he thought Iran really wanted to reach an agreement. [4] - On January 27, Lebanon's Hezbollah said it would not stand by in the face of military action against Iran. Iran warned the US that if it launched a military strike, it would attack US aircraft carriers. [4] - On January 26, the Israeli Civil Aviation Authority said that this weekend was a sensitive period. On January 25, it notified several foreign airlines that Israel might enter a "sensitive period" around January 30. It emphasized that if the safety assessment showed that a reasonable safety level could not be ensured, Israel would immediately close its airspace and prioritize the departure of foreign flights. [4] - On January 26, an unnamed US official said that the USS Abraham Lincoln Carrier Strike Group had entered the US Central Command's area of responsibility in the western Indian Ocean. If the White House ordered an attack on Iran, the carrier strike group could launch a military operation "within one or two days" in theory. [4]

1. Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: January 13, 2026 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Industry Investment Rating - No relevant information provided. 3. Core Viewpoints - The market strengthened on the day, with the far - month off - season contract EC2604 rising significantly. Besides the tax - refund rush shipping, it may be more driven by the escalation in the Red Sea situation which hit the resumption of shipping. The spot price increase in early January was well - implemented, but shipping companies have recently lowered their quotes for late January. After the shipping peak, they may cut prices to attract cargo, and the inflection point of the spot price high may appear. However, due to the tense situation in the Red Sea over the weekend, the off - season contract EC2604 rebounded sharply, and short - term sentiment may support the contract to run strongly [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Market Performance: The market strengthened, especially the far - month off - season 04 contract. The SCFIS index rebounded above 1900 points on Monday, rising 8.9% to 1956.39 points [8]. - Spot Market: Shipping companies have lowered their quotes for late January. For example, Maersk lowered its quotes for non - European base ports in the fourth week of January. After the shipping peak, prices may be cut to attract cargo [8]. - Red Sea Situation: The Houthi rebels' tough attitude and the large - scale military strikes by the US and the UK on Yemen over the weekend led to a sharp rebound in the off - season 04 contract, and short - term sentiment may support the contract [8]. 4.2 Industry News - Overall Market: From January 5 to January 9, the China export container shipping market was generally stable, with different routes showing differentiated trends. China's official composite PMI in December 2025 was 50.7, up 1 percentage point month - on - month [9]. - European Route: The eurozone's unemployment rate in November 2025 dropped to 6.3%. The transport demand was stable, and the spot booking price rose slightly. On January 9, the Shanghai Port export freight rate to European base ports was $1719/TEU, up 1.7% [9]. - Mediterranean Route: The market was basically in sync with the European route, and the freight rate continued to rise slightly. On January 9, the Shanghai Port export freight rate to Mediterranean base ports was $3232/TEU, up 2.8% [10]. - North American Route: US private - sector employment increased by 41,000 in December. The transport demand was relatively stable, and the spot booking price continued to rise. On January 9, the Shanghai Port export freight rates to the US West and East base ports were $2218/FEU and $3128/FEU, up 1.4% and 3.1% respectively [10]. - Red Sea Situation: On December 15, 2025, many shipping companies announced freight rate increases. The Suez Canal Authority and Maersk had conflicting statements about the resumption of Red Sea - Suez Canal navigation. On January 12, 2026, the US and the UK launched large - scale military strikes on the Houthi rebels in Yemen [10]. 4.3 Data Overview 4.3.1 Container Shipping Spot Prices - SCFIS European Route (Base Ports): On January 12, 2026, it was 1956.39 points, up 160.56 points (8.9%) from January 5 [12]. - SCFIS US West Route (Base Ports): On January 12, 2026, it was 1323.98 points, up 73.86 points (5.9%) from January 5 [12]. 4.3.2 Container Shipping Index (European Line) Futures Market - The report provides the trading data of multiple contracts such as the opening price, closing price, settlement price, price change, and trading volume of EC2602, EC2604, etc. on January 8, 2026 [6]. - It also includes the trend charts of the main and secondary main contracts of container shipping European line futures [18]. 4.3.3 Shipping - Related Data Trends - The report provides trend charts of European container ship capacity, global container ship orders, Shanghai - European base port freight rates, and Shanghai - Rotterdam spot freight rates [18][21].

Group 1: Report Core View - The price of EC2602 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 - drop rhythm. At the current level, it's not recommended to enter the market [1] - The valuation of EC2604 is moderately high. In the short - term, it may follow the spot market or recover the basis. The strategy is to short on rallies. The far - month contracts are greatly affected by geopolitical factors. It's safer to short off - season contracts than peak - season contracts. Pay attention to shorting opportunities in the EC2610 contract [2] Group 2: Futures Market Data Futures Contract Prices and Changes - EC2512 closed at 1608.0 with a change of 0.13% and a decrease of 18.8, trading volume of 112 and open interest of 1714 (a decrease of 76) [1] - EC2602 closed at 1799.7 with a change of 0.22% and a decrease of 210.5, trading volume of 28762 and open interest of 34250 (a decrease of 66) [1] - EC2604 closed at 1164.5 with a change of - 0.04% and an increase of 424.7, trading volume of 6267 and open interest of 21254 (an increase of 264) [1] - EC2606 closed at 1320.0 with a change of 0.08% and an increase of 269.2, trading volume of 258 and open interest of 2126 (a decrease of 19) [1] - EC2608 closed at 1496.7 with a change of 1.06% and an increase of 92.5, trading volume of 112 and open interest of 1181 (a decrease of 12) [1] - EC2610 closed at 1059.0 with a change of 0.75% and an increase of 277, trading volume of 811 [1] Futures Spread Data - The spread between EC2512 and EC2504 was 443.5, with a daily - on - daily change of - 123.9, weekly - on - weekly change of - 191.7 and monthly - on - monthly change of - 1.8 [1] - The spread between EC2512 and EC2602 was - 189.9, with a daily - on - daily change of 4.4, weekly - on - weekly change of 59.5 [1] - The spread between EC2502 and EC2604 was 630.8, with a daily - on - daily change of - 17.8, weekly - on - weekly change of - 13.4 [1] Group 3: Spot Market Data European Line Spot Market - In Week 52, Maersk (MSK) opened at 2300 (a decrease of 100 compared to the previous week), and other companies mainly followed Week 51 rates. The central price was 2500 US dollars, equivalent to about 1750 points on the futures market [3] - All shipping companies are raising the price of January cabins. Maersk's January upper - half price is 2500, and it will rise to 2600 in Week 2 to Hamburg, while prices for other ports remain flat. The central price of shipping companies' January quotes is about 2500 - 2600 US dollars [3] Shipping Index Data - The SCFIS (European Line) index on December 22, 2025, was 1589.20, up 5.21% from the previous period and 0.10% from two periods ago, updated weekly [1] - On December 19, 2025, the SCFI (European Line) was 1533, up 0.23% from the previous period and 9.86% from two periods ago, updated weekly [6] - On December 19, 2025, the CCFI was 1473.9, up 0.30% from the previous period and 9.98% from two periods ago, updated weekly [6] - On December 19, 2025, the NCFI was 967.55, down from 1067.29 in the previous period, updated weekly [6]

Report Overview - The report is a daily report on the container shipping index, dated December 25, 2025, focusing on the container shipping industry, especially the European container shipping line futures [1][2] 1. Industry Investment Rating - No investment rating information is provided in the report 2. Core View - The spot SCFIS index has slightly rebounded by 5.2% this week. The price increase in mid - to late December has been well - implemented, with full or over - booked cabins in the second - last week of December. Although the actual price increase is not as strong as the announced one, there is still an upward expectation for the February contract, and attention should be paid to the short - selling opportunity of the April contract in the off - season and the positive spread arbitrage opportunity between the 02 and 04 contracts [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Spot Market**: The SCFIS index rose 5.2% to 1589.2 points this week. Major shipping companies' price increases are inconsistent. The market may have incentive games for the pre - Spring Festival shipping peak. There is still an upward expectation for the February contract, and attention should be paid to the short - selling opportunity of the April contract and the 02 - 04 positive spread arbitrage opportunity [8] - **Futures Market**: Presented the trading data of container shipping European line futures on December 24, 2025, including the opening price, closing price, settlement price, price change, trading volume, open interest, etc. of different contracts such as EC2512, EC2602 [6] 3.2 Industry News - **Export Situation**: From December 15 to 19, the overall China export container shipping market was stable, with some long - haul routes' freight rates rising. China's exports in November increased by 5.9% year - on - year, and the trade surplus exceeded 1 trillion US dollars in the first 11 months [9] - **European Economic Situation**: Eurozone's business activity growth slowed in December, with the composite PMI falling to 51.9, a three - month low. The European route's freight demand was stable this week, and the freight rate slightly declined [9] - **North American Economic Situation**: The US labor market showed signs of further slowdown in November. The North American route's freight demand was stable this week, and the spot booking price continued to rise [10] - **Shipping Company Price Adjustments**: Multiple shipping companies such as MSC, CMA CGM, Maersk, and Hapag - Lloyd announced price increases and surcharge adjustments for various routes [10] - **Middle East Situation**: The Israeli military has strengthened security in the area, killing many Hamas members. The armed militants in the Rafah tunnels remain in contact with the Hamas military leadership [10] - **Shipping Route News**: The Suez Canal Authority announced that Maersk would resume Red Sea - Suez Canal navigation from early December, but Maersk later stated that the specific date had not been determined [10] 3.3 Data Overview - **Container Shipping Spot Prices**: The SCFIS for the European route increased from 1510.56 on December 15 to 1589.2 on December 22, a rise of 5.2%. The SCFIS for the US West route increased from 924.36 to 962.1, a rise of 4.1% [12] - **Container Shipping Index (European Line) Futures Quotes**: Provided charts of the main and secondary main contracts of container shipping European line futures [17] - **Shipping - Related Data Charts**: Included charts of European container ship capacity, global container ship orders, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [18][20]

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core Views of the Report - The near - term contracts of the Container Shipping Index (European Line) are oscillating weakly, and the far - term contracts need to focus on the progress of the second - stage cease - fire negotiation in Gaza [1][9] - For the 2602 contract, the core issues are the price height, inflection point time, and price decline rate. It is expected to oscillate widely between 1700 - 1900 points in the short term, and it is advisable to wait and see [11][13] - For the 2604 contract, shorting on rallies has a relatively higher winning rate. Its bottom valuation in the first stage can be anchored at the lowest point of the 2025 SCFIS index, 1031 points. It is recommended to roll short following the 02 valuation [13] - For the 2610 contract, pay attention to the progress of the second - stage cease - fire negotiation in Gaza and consider gradually shorting [13] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: EC2512 closed at 1,630.1 with a daily increase of 0.21%, EC2602 at 1,719.8 with a 3.66% increase, and EC2604 at 1,128.8 with a 1.66% increase. The difference between EC2512 and EC2604 is 501.3, and between EC2602 and EC2604 is 591.0 [1] - **Freight Rate Index**: The SCFIS European route was at 1,589.20 points with a weekly increase of 5.2%, and the SCFIS US - West route was at 962.10 points with a 4.1% increase. The SCFI European route was at $1,533/TEU with a bi - weekly decrease of 0.3%, and the SCFI US - West route was at $1,992/FEU with an 11.9% increase [1] - **Spot Freight Rates**: Different carriers' prices for the Shanghai - Rotterdam route range from $1,418 - $3,010 for 40'GP and $1,530 - $1,955 for 20'GP [1] - **Exchange Rates**: The US dollar index was at 98.26, and the US dollar against the offshore RMB was at 7.03 [1] 3.2 Macro News - On December 19, Maersk's Sebarok, a 6,500 TEU Singapore - flagged container ship built in 2007, completed crossing the Mandeb Strait and entered the Red Sea, the first Maersk ship to pass through the strait in nearly two years, operating on the MECL route (India - US) [8][10] - On December 23, the Israeli Defense Minister's Office stated that the Israeli government has no intention of establishing Jewish settlements in the Gaza Strip, after earlier remarks from the defense minister about building new "outposts" in northern Gaza [8] 3.3 Market Analysis - **Supply Side**: In January, the weekly average capacity is maintained at 318,000 TEU/week. The undetermined voyages are reduced to 1 ship. The capacity in the second week is revised down from 332,000 to 318,000 TEU due to new passive blank sailings in AEU7, and the capacity in the fourth week is revised up from 315,000 to 329,000 TEU [9] - **Demand Side**: In late December, major shipping companies started the container - skipping mode. The loading performance of the PA Alliance has improved significantly, laying the foundation for the price increase in early January. The overall booking in the first week of January is slow, and the peak cargo volume may appear around mid - January and then decline [10] - **Price Forecast**: In early January, the second - week SPOT average of some carriers is expected to be around $2,550 - $2,600. The weekly FAK average in the second week is revised down by $100 to around $2,700/FEU. In late January, shipping companies have the incentive to reduce prices to stockpile goods [12][13]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The retracement may be in place, and the main contract has rebounded continuously. It is recommended to take a small - position trial long and focus on the pre - Spring Festival shipping market. The freight rate has no obvious fluctuation [2]. - The tariff issue has shown a marginal effect. The current core is the trend of the spot freight rate. The main contract has had a seasonal rebound, suggesting a light - position participation [4]. - With the mixed long and short information, including some liner companies' price increase announcements and the decline of the latest SCFIS index, future attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [4]. 3. Summary by Related Contents 3.1 Freight Index - On December 1, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1483.65 points, down 9.5% from the previous period; the SCFIS for the US - West route was 948.77 points, down 14.4% from the previous period [3]. - On November 28, the Ningbo Export Container Freight Index (NCFI) (composite index) was 972.63 points, up 2.77% from the previous period; the NCFI for the European route was 1024.64 points, up 7.67% from the previous period; the NCFI for the US - West route was 881.66 points, down 7.77% from the previous period [3]. - On November 28, the Shanghai Export Container Freight Index (SCFI) announced price was 1403.13 points, up 9.57 points from the previous period; the SCFI European - line price was 1404 USD/TEU, up 2.71% from the previous period; the SCFI US - West route was 1632 USD/FEU, down 0.79% from the previous period [3]. - On November 28, the China Export Container Freight Index (CCFI) (composite index) was 1121.80 points, down 0.1% from the previous period; the CCFI for the European route was 1449.34 points, up 1.1% from the previous period; the CCFI for the US - West route was 841.86 points, down 1.1% from the previous period [3]. 3.2 Economic Data - In October, the Eurozone's manufacturing PMI preliminary value was 45.9, the service PMI preliminary value was 51.2, and the composite PMI preliminary value was 49.7. The Sentix investor confidence index's previous value was - 9.2, and the predicted value was - 8.5 [3]. - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [4]. - In October, the US's S&P Global service PMI preliminary value was 55.2, the manufacturing PMI preliminary value was 52.2, and the composite PMI preliminary value was 54.8 [4]. 3.3 Contract Information - On December 2, the closing price of the main contract 2602 was 1534.2, with a gain of 2.16%. The trading volume was 24,700 lots, and the open interest was 36,300 lots, a decrease of 1,882 lots from the previous day [4]. - The daily limit for contracts from 2508 - 2606 was adjusted to 18%, the company's margin for these contracts was adjusted to 28%, and the intraday opening limit for all contracts from 2508 - 2606 was 100 lots [5]. 3.4 Trading Strategies - **Short - term Strategy**: The main contract has rebounded after retracement, and the fluctuation of far - month contracts has slowed down. It is recommended for risk - takers to take a small - position trial long on the main contract. Do not add more positions when the market dives slightly, do not hold losing positions, and set stop - losses [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or take a small - position trial [5]. - **Long - term Strategy**: It is recommended to take profits when each contract reaches a high and wait for a pull - back to stabilize before judging the subsequent direction [5].

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: November 25, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Core View - The SCFIS index increased by 20.7% week-on-week to 1639.37 this week, better than expected, but the shipping companies' price increase in December was less than expected. Maersk's quotes were the most aggressive, suppressing the price increase space of other airlines. There is a possibility that other airlines will follow Maersk to cut prices to attract cargo. Considering that February is a traditional peak season, the market may carry out incentive games for the pre-Spring Festival shipping rush. The cost - performance ratio of short - selling is not high. Pay attention to the possibility that the April contract in the off - season may be overvalued and the positive spread opportunity between the 02 and 04 contracts [8] Summary by Directory 1. Market Review and Operation Suggestions - Spot market: The SCFIS index increased by 20.7% week - on - week to 1639.37 this week, better than expected. But shipping companies' price increase in December was less than expected. Maersk's quotes were aggressive, suppressing other airlines' price increase space, and other airlines may follow to cut prices. Consider the 02 - 04 positive spread opportunity [8] 2. Industry News - From November 17th to 21st, the China export container shipping market was basically stable, and the freight rates of ocean routes were adjusted with the composite index falling. The euro - zone's November consumer confidence index was lower than expected, and the European shipping demand lacked growth momentum with falling spot market booking prices. The Mediterranean route's supply - demand fundamentals were better with slightly rising freight rates. In the North American route, due to the US government shutdown, the employment market was weak and the freight rates continued to fall. There were also military conflicts in the Middle East that may affect the shipping market [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - The SCFIS for the European route (basic ports) on November 24, 2025, was 1639.37, up 281.7 (20.7% week - on - week) from November 17th. The SCFIS for the US West route (basic ports) was 1107.85, down 130.57 (- 10.5% week - on - week) from November 17th [12] 3.2 Container Shipping Index (European Route) Futures Market - The trading data of container shipping European line futures on November 24th showed different price changes, trading volumes, and open interests for different contracts such as EC2512, EC2602, etc. [6] 3.3 Shipping - Related Data Charts - There were various shipping - related data charts including container ship capacity in Europe, global container ship orders, Shanghai - European basic port freight rates, etc [17][21]

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The container shipping index (European line) fluctuated and consolidated yesterday. The main 2602 contract closed at 1,568.6 points, down 0.54%; the near - month 2512 contract closed at 1,779.7 points, up 0.69%. - The 2602 contract may have a small - scale corrective rebound in the short term and trade at a discount. - For the 2512 contract, there is support below, and the probability of a low - buying strategy winning is high, but the upside is uncertain. The main 2602 contract is about gambling on the time when freight rates peak and the subsequent decline rate. - For the 2604 contract, it is advisable to short on rallies on a quarterly basis, but there may be a rebound if the second scenario occurs [10][12]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: EC2512 closed at 1,779.7, up 0.69% with 1,541 in trading volume and 6,862 in open interest (down 461); EC2602 closed at 1,568.6, down 0.54% with 17,415 in trading volume and 43,333 in open interest (down 100); EC2604 closed at 1,142.1, down 0.45% with 1,676 in trading volume and 16,096 in open interest (up 135). The spread between EC2512 and EC2604 is 637.6, and between EC2602 and EC2604 is 426.5 [1]. - **Freight Rate Index**: The SCFIS European route index was 1,639.37, up 20.7% week - on - week; the SCFIS US - West route index was 1,107.85, down 10.5% week - on - week. The SCFI European route was $1,367/TEU, down 3.5% bi - weekly; the SCFI US - West route was $1,645/FEU, down 9.8% bi - weekly [1]. - **Spot Freight Rates**: In early December, Maersk's 49 - week opening rate is $2,500/FEU, MSC follows at $2,440/FEU, and the PA alliance follows at $2,400 - $2,500/FEU. The OA alliance's FAK average in early December is expected to be around $2,500 - $2,600/FEU, and the overall FAK average in early December is around $2,500/FEU [11]. - **Future Freight Rate Scenarios**: - Scenario 1: If there is another rate hike in late December with the actual rate in the $2,600 - $3,000/FEU range and an FAK average of $2,800/FEU, the 2512 delivery settlement price may have a subsidy - water market of at least 200 points. The probability of a rate hike in early January is greatly reduced, and the 2602 contract will be about valuation comparison. - Scenario 2: If the price stabilizes in late December, the 2512 contract will fluctuate around 1,800 points. If there is a rate hike in early January to $2,800/FEU and a price decline starts 1 - 2 weeks later, the 2602 contract may be slightly lower or equal to 2512 [11]. 3.2 Macro News - There is a breakthrough in the US - Ukraine peace talks, and the pressure is on Russia. Russia has stated that the revised plan is unacceptable. If Russia rejects the new version, Putin may be criticized again by Trump [7]. - On November 24, Chinese President Xi Jinping had a phone call with US President Trump. The two leaders discussed Sino - US relations, the Taiwan issue, and the Ukraine crisis. Trump agreed with President Xi's views on bilateral relations and understood the importance of the Taiwan issue to China [8][9][10]. 3.3 Trend Strength The trend strength of the container shipping index (European line) is 0, indicating a neutral stance [13].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The valuation of contract EC2512 is moderately low, and the open interest has significantly decreased. It will gradually follow the delivery logic [3][15]. - For contract EC2604, it is still recommended to adopt a short - selling strategy on rallies [3][15]. - The overall freight volume between China and Europe this year is good, but it is difficult to prove or disprove the so - called "weak peak season" in the short term. Since the Spring Festival is later this year, it is normal for the peak season to start late. Although the high shipping capacity from December to January may suppress the price increase of contract EC2602, an overly pessimistic outlook is not given. The situation of peak - season cargo collection should be observed. Freight rates usually peak 4 - 5 weeks before the Spring Festival. If the rush - season demand is gradually fulfilled, contract EC2602 may have more upside potential [3][15]. 3. Summary by Relevant Catalogs Futures Contracts - **Contract Prices and Changes**: The closing prices of contracts EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 are 1773.9, 1556.1, 1133.2, 1350.0, 1474.3, and 1099.1 respectively, with daily changes of - 0.10%, - 4.59%, - 2.56%, - 2.25%, - 2.04%, and - 0.89% [2][14]. - **Trading Volume and Open Interest**: The trading volumes of these contracts are 1997, 28701, 2776, 275, 246, and 448 respectively, and the open interests are 7323, 43433, 15961, 1565, 1324, and 2597 respectively, with changes of - 7/ - 37, 1404, - 53, - 10, 100, and 104 [2][14]. - **Month - spreads**: The month - spreads of EC2512 - 2504, EC2512 - 2602, and EC2502 - 2604 are 640.7, 217.8, and 422.9 respectively, with daily changes of 28.0, 7/3.1, and - 45.1, and week - on - week changes of 28.7, 6745, and - 38.8 [2][14]. Spot Market Indicators - **SCHIS**: Published every Monday. As of November 17, 2025, it was 1357.67 points, down 9.78% from the previous period and up 24.50% from the period before the previous one [2][14]. - **SCFI (European Line)**: Published every Friday. As of November 21, 2025, it was 1367 dollars/TEU, down 3.5% from the previous period and up 7.11% from the period before the previous one [2][14]. - **CCFI**: Published every Friday. As of November 21, 2025, it was 1432.96 points, up 2.09% from the previous period and up 2.69% from the period before the previous one [2][14]. - **NCFI**: Published on a certain day (unclear in the text). As of November 21, 2025, it was 951.65 points, down 2.83% from the previous period and up 7.42% from the period before the previous one [2][14]. Recent Spot Situation of European Lines - In Week 48, the overall average was about 2200 US dollars (equivalent to about 1540 points). In Week 49, the rates of the GEMINI and PA alliances were between 2400 - 2500 US dollars, while the OA alliance had not adjusted its price yet, with an average of about 2450 US dollars (equivalent to about 1700 points). It is expected that prices will be raised for December this week, and there will be price hikes in the second half of December [4][16]. Related News On November 24, the Hamas delegation discussed the Gaza situation with the Egyptian side. On the 23rd, according to a statement from Hamas, several high - level members of the organization held talks in Cairo with the head of the Egyptian General Intelligence Service and the main mediator of the Gaza cease - fire agreement, Rashad. Hamas stated that it had fulfilled its commitments in the first phase of the Gaza cease - fire agreement and demanded that Israel stop violating the cease - fire agreement [5][17].