6 欧线航数脉搏2026W10 东证衍生品研究院 黑色与航运部 兰 淅 从业资格号：F03086543 投资咨询号：Z0016590 欧线装载率追踪 欧线周度装载率季节性-中国离港 欧线分联盟周度-中国离港 欧线船队中国&亚洲离港装载率对比 欧线周度装载率季节性-亚洲离港（滞后一周） 欧线分联盟周度-亚洲离港（滞后一周） Gemini欧线船队中国&亚洲离港装载率对比 75% 80% 85% 90% 95% 100% W1 W4 W7 W10 W13 W16 W19 W22 W25 W28 W31 W34 W37 W40 W43 W46 W49 W52 2026年 2025年 2024年 80% 85% 90% 95% 100% 25W23 25W25 25W27 25W29 25W31 25W33 25W35 25W37 25W39 中国-汇总 OA Gemini PA+MSC 90% 92% 94% 96% 98% 100% 102% 104% 106% 25W30 25W32 25W34 25W36 25W38 25W40 25W42 亚洲-汇总 OA Gemini PA+MSC 92% 94% 96% ...

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 2. Core Viewpoints - The EC2602 contract follows the delivery logic with a small deviation. For the EC2604 contract, attention should be paid to the spot market and actual rush - shipping situations. Spot price drops suppress the futures market, but the potential increase in post - Chinese - New - Year rush shipping may weaken the price decline slope in March. The current valuation of EC2604 fluctuates widely within a reasonable range, and subsequent corrective market conditions are worth noting [3]. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical factors. It is generally recommended to focus on shorting the EC2610 contract at high levels. Currently, the valuation of EC2610 is neutral with limited downward space [3]. - After the exchange changes the contract rules on February 10, the EC2602 contract will be removed, and new contracts such as EC2605, EC2507, and EC2509 will be added. Seasonally, EC2607 is a peak season contract, while EC2605 and EC2609 are often off - season contracts. Considering geopolitical impacts, a positive spread arbitrage strategy is recommended, and combinations like EC2608 - EC2609 and EC2609 - EC2610 are relatively safe [3]. 3. Summary by Relevant Catalogs Contract Price and Volume Information - The closing prices of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 1710.5, 1121.0, 1311.2, 1465.6, and 1055.1 respectively, with changes of - 0.49%, - 6.79%, - 7.713%, - 3.89%, and - 5.03% [2]. - The trading volumes of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 2433, 49713, 4137, 448, and 2150 respectively, and the open interests are 7578, 42632, 3780, 1385, and 7938 respectively, with open - interest changes of - 1300, 1800, 7.32, 64, and 357 respectively [2]. - The month - spreads of EC2502 - 2604 and EC2504 - 2606 are 589.5 and - 190.2 respectively, with month - on - month changes of 73.2 and 28.9, and week - on - week changes of 122.3 and 14.1 [2]. Spot Market Information - The SCFIS (European route) index on January 12, 2026, is 1956.39 points, with a month - on - month increase of 8.94% and a previous - period increase of 3.05% [2]. - The SCFI (European route) on January 16, 2026, is 1676 dollars/TEU, a decrease of 2.50% compared to the previous period [2]. - In Week 4, the central price of European - route spot shipping is 2630 dollars, equivalent to 1840 points on the futures market. In Week 5, it drops to 2540 dollars, equivalent to 1780 points [4]. Relevant News - On January 19, the US invites 60 countries to join the Gaza Peace Committee, and Trump plans to charge over one billion dollars in membership fees for permanent seats on the committee [5]. - The EU is considering imposing tariffs on US goods worth 93 billion euros or restricting US companies from entering the EU market in response to Trump's decision to impose a 10% tariff on goods from eight European countries starting February 1, 2026, and increasing it to 25% from June 1 [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]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August and early September (week35 - 36). Week35's final average price is $2550 (1800 points), and week36's current average quoted price is $2300 (1600 points). Most shipping companies face cargo - receiving pressure at the end of the month, and the shipping capacity in September is generally reduced. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is approaching the annual low (1250 - 1300), with limited downside space. Attention can be paid to the long - allocation opportunity of the 12 - contract [2] Group 3: Summary by Related Catalogs EC Futures Contract Information - For EC2510, the closing price is 1285.0, with a decline of 2.36%, the base bond is 705.2, the trading volume is 25330, the open interest is 54248, and the open interest change is 523. Similar data is provided for other contracts such as EC2512, EC2602, etc [2] - The month - spread of EC2510 - 2512 is - 286.0, with a daily increase of 18.5 and a weekly increase of 66.2. The month - spread of EC2512 - 2602 is 171.0, with a daily decrease of 8.7 and a weekly decrease of 25.2 [2] Spot Rate Index Information - The SCFIS (European line) index on August 25, 2025, is 1990.2, with a decline of 8.35% compared to the previous period. The CCFI on August 22, 2025, is 1757.74, with a decline of 1.83% compared to the previous period. The NCFI on August 22, 2025, is 1083.74, with a decline of 8.83% compared to the previous period [2] Recent European Line Quotation Information - For week36, the latest quoted price of shipping companies ranges from $2120 to $2420, with an average of $2250 (1550 points). For week37, the latest average quoted price is $2200 (1500 points) [3] Shipping Capacity Information - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended sailings, it is 290,000 and 290,000 TEU respectively. On August 26, the suspension of the FE4 route of the PA Alliance in week38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [2] Related News - On August 29, the Israeli military stated that it was preparing to expand military operations against Hamas in Gaza City. The Houthi armed leader accused Israel of carrying out large - scale massacres against Palestine [4]

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint The overall pattern in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), leaving limited downside potential. Investors can focus on the long - allocation opportunities of the 12 - contract [1]. 3) Summary by Related Catalogs EC Futures Contracts - **Contract Prices**: The closing prices of EC2510, EC2512, EC2602, EC2604, and EC2606 are 1316.0, 1620.5, 1440.8, 1248.8, and 1405.7 respectively, with price declines of - 0.22%, - 1.42%, - 1.94%, - 1.91%, and - 0.77% [1]. - **Trading Volume and Open Interest**: The trading volumes of EC2510, EC2512, EC2602, EC2604, and EC2606 are 18011, 5472, 771, 974, and 88 respectively. The open interests are 53725, 14317, 4558, 6242, and 873 respectively, with changes of - 684, 447, 54, 306, and 5 [1]. - **Month - to - Month Spreads**: The spreads of EC2510 - 2512, EC2512 - 2602 have changed. The spread of EC2510 - 2512 has a day - on - day increase of 20.5 and a week - on - week increase of 91.9. The spread of EC2512 - 2602 has a day - on - day increase of 5.1 and a week - on - week decrease of - 28.7 [1]. Spot Market - **SCFI (European Line)**: As of August 25, 2025, the index is 1990.2, a decrease of 8.71% from the previous period [1]. - **CCFI**: As of August 22, 2025, the index is 1757.74, a decrease of 1.83% from the previous period [1]. - **NCFI**: As of August 22, 2025, the index is 1083.74, a decrease of 8.83% from the previous period [1]. Booking Situation - **Week 35 - 36**: Downstream is booking spaces for the end of August to early September. The average price for Week 35 is 2550 US dollars (1800 points), and the current average quote for Week 36 is 2300 US dollars (1600 points). PA Alliance quotes 2200 - 2300 US dollars, MSK quotes 2100 US dollars (later increased to 2200 US dollars), and OA Alliance quotes 2300 - 2400 US dollars [1]. - **Week 36 - 37**: For Week 36, the latest quotes from shipping companies range from 2120 to 2420 US dollars, with an average of 2250 US dollars (1550 points). For Week 37, the latest average quote is 2200 US dollars (1500 points), with MSK's opening quote at 1900 US dollars (1300 points), and OOCL reducing the price to 2100 US dollars [2]. Shipping Capacity - The weekly average shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspended, it is 290,000 TEU for both months. However, on August 26, the suspension of the FE4 route of PA Alliance in Week 38 of September was filled by HMM AOUAMARINE, increasing the weekly average shipping capacity in September to 305,000 TEU [1]. Related News - On August 23, 2025, US President Trump announced a major tariff investigation on imported furniture, to be completed within 50 days [3]. - On August 26, 2025, Trump threatened to impose up to 200% tariffs on Chinese goods exported to the US if the export of rare - earth magnets is restricted [3]. - On August 28, 2025, the Israeli military chief of staff stated that the Israeli army is advancing ground operations in Gaza City [3].

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].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current major contradiction in the EC market is the decline rate during the off - season, affected by uncertainties in geopolitics and tariffs and the repeated domestic macro - sentiment [2][17] - In terms of fundamentals, in Week 33, the collection situation of the MSK improved, OA was average, and PA was poor; in Week 34, the collection significantly declined [2][17] - EMC canceled its independent ship in Week 35, and OA added a sailing suspension in Week 39. The weekly average capacities in August, September, and October 2025 (tentatively) are still high, with a slight decline [2][17] - Currently, the October contract is at a large discount to the spot. The decline of shipping companies in the past two weeks is in line with market expectations. The decline of the December contract did not drive the market down further. Due to the high liquidity and the support from continuous position - shifting, but the overall future drive is downward, and there is still room for valuation adjustment. It is recommended to hold the short position of the October contract and maintain the logic of shorting on rallies [2][17] Summary by Related Catalogs Futures Contract Information - EC2508: Yesterday's closing price was 2083.9, with a change of 0.04%, trading volume of 92, open interest of 2556, and a change in open interest of - 73 [2][17] - EC2510: Closing price of 1359.5, change of 1.98%, trading volume of 32077, open interest of 56698, and a change in open interest of - 4042 [2][17] - EC2512: Closing price of 1723.3, change of 1.36%, trading volume of 6322, open interest of 11131, and a change in open interest of - 334 [2][17] - EC2602: Closing price of 1521.4, change of 2.24%, trading volume of 1393, open interest of 4424, and a change in open interest of - 35 [2][17] - EC2604: Closing price of 1335.0, change of 0.48%, trading volume of 1327, open interest of 5459, and a change in open interest of - 92 [2][17] - EC2606: Closing price of 1495.0, change of 1.49%, trading volume of 107, open interest of 832, and a change in open interest of 7 [2][17] Month - to - Month Spread - EC2508 - 2510: The spread was 724.4, with a day - on - day change of - 25.5 [2][17] - EC2510 - 2512: The spread was - 363.8, with a day - on - day change of 3.2 [2][17] - EC2512 - 2602: The spread was 201.9, with a day - on - day change of - 10.2 [2][17] Spot Index Information - SCHIS: Updated weekly on Mondays. On August 11, 2025, it was 2235.48 points, with a decline of 2.71% from the previous period and a decline of 0.81% in the previous period [2][17] - SCH (European line): Updated weekly on Fridays. On August 8, 2025, it was 1961 dollars/TEU, with a decline of 4.39% from the previous period and a decline of 1.87% in the previous period [2][17] - CCFI: Updated weekly on Fridays. On August 8, 2025, it was 1799.05 points, with a change of 0 - 3% from the previous period and an increase of 0.13% in the previous period [2][17] - NCFI: On August 8, 2025, it was 1257.71 points, with a decline of 8.57% from the previous period and a decline of 3.53% in the previous period [2][17] Recent European Line Quotations - Week 34: Shipping companies' prices dropped by 200 - 300 dollars, with an average of 2850 dollars (2000 points). PA Alliance was 2700 dollars, MSK was 2600 dollars, and OA Alliance was 2900 - 3000 dollars [3][18] - Week 35: The current average shipping company quotation is 2630 dollars (1800 points). MSK opened at 2200 dollars. HPL dropped 400 dollars to 2435 dollars, EMC dropped 200 dollars to 2934 dollars. On Thursday, HMM dropped 200 dollars to 2500 dollars, OOCL dropped 300 dollars to 2800 dollars, and ONE dropped 200 dollars to 2508 dollars [3][18] Related News - On August 14, Hamas proposed a cease - fire request, promising to evacuate and ensure the safety of the detained personnel [3][18] - On August 14, Israeli Deputy Foreign Minister Haskell said that there must be a non - Israeli, peaceful, and non - armed government in Gaza after the war [3][18] Index Release Delay - The release of the XSI - C index was delayed by three working days [4][19]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to continue holding short positions on the October contract and maintain the logic of shorting on rallies [2] Group 3: Summary Based on Relevant Contents Futures Contract Information - For the EC2508 contract, the previous closing price was 2083.9, with a change of 0.04%, a basis of 151.6, a previous trading volume of 92, and a previous open interest of 2556 with a change of - 73. Other contracts like EC2510, EC2512, etc. also have their respective price, change, basis, trading volume, and open interest data [2] - The month - to - month spreads such as EC2508 - 2510, EC2510 - 2512, etc. have their previous - day, two - day - ago, and day - on - day change data [2] Index Information - The SCHIS SCFI (European line) was updated on August 11, 2025, at 2235.48 points, down 2.71% from the previous period and 4.39% from two periods ago. The CCFI was updated on August 8, 2025, at 1799.05 points, up 0.53% from the previous period. The NCFI was updated on August 8, 2025, at 1257.71 points, down 8.7% from the previous period [2] Shipping Company Quotation Information - In week 34, shipping companies' prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). In week 35, the average shipping company quote was 2630 US dollars (1800 points) [3] - On Monday, MSK opened at 2200 US dollars; HPL dropped 400 to 2435 US dollars. On Wednesday, EMC dropped 200 to 2934 US dollars [9] News Information - On August 14, Hamas proposed a cease - fire request to Egypt, promising to evacuate and ensure the safety of the detained personnel. Israeli Deputy Foreign Minister Haskell said that after the war, Gaza must have a non - Israeli, peaceful and non - armed government [4]