Haitong Futures: The European shipping route once rose by more than 5% in intraday trading, and the short-term scale of photovoltaic rush shipments is difficult to refute.

Haitong Futures research report pointed out that in terms of spot freight rates, HPL has lowered the online quotation to 1835 US dollars for large containers to the first week of March. Currently, the latest average for large containers in February is 2025 US dollars, with actual booking centers around 1800 US dollars, mainly based on index and volume aggregation. The progress of shipping companies' roll-on storage construction this year is relatively good, with booking volumes for most voyages expected to cover until the end of February. Non-fundamental factors may have a greater impact on the pre-holiday market volatility, including commodity sentiment, pre-holiday position adjustments, and the upcoming listing of contracts for 5/7/9 next week. It is difficult to falsify the scale of photovoltaic rush shipping in the short term, and there has not been an increase in overall booking so far. For the 04 contract with a large discount in the current spot trading logic vacuum period, the strong upward emotional catalysis may still need to be further monitored after the holiday. The market overall is mainly characterized by fluctuations.