胶板印刷纸期货基础知识之供应篇 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 胶版印刷纸基础知识分享 GALAXY FUTURES 1 造纸产业链分析 GALAXY FUTURES 2 胶版印刷纸产业链 文化印刷用纸主要产品为双胶纸、铜 版纸； 部分文化纸以混浆、再生浆作为原料， 但市场占比较小， 多数生产工艺仍是 以针叶浆、阔叶浆和化机浆作为主要 原料； 主要下游需求以印刷出版为主。其中 每年的出版招标需求是双胶纸的主要 需求支撑，铜版纸则受社会需求影响 更大。 图片来源：卓创资讯，银河期货 GALAXY FUTURES 3 胶版印刷纸产能分布 1800 万吨 双胶纸 产能增速(右轴） 1550 1300 1050 800 2020年 2021年 2022年 2023年 2024年 10% 8% 6% 4% 2% 0% 华东 华南 华中 其他 2024年 2023年 2022年 2021年 2020年 0% 20% 40% 60% 80% 100% 2020-2024年双胶纸产能情况 国内双胶纸产能分布情况 近五年双胶纸产能逐年递增。从区域分布来看，集 ...

胶板印刷纸期货基础知识之需求篇 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 胶版印刷纸基础知识分享 GALAXY FUTURES 1 胶版印刷纸品牌 | 企业名称 | 双胶纸品牌 | 年产能（万吨） | 主要应用领域 | 其他特性 | | --- | --- | --- | --- | --- | | 晨鸣纸业 | 碧云天、云镜、云豹"云狮"、 | 235（停产较多） | 书刊印刷、高档包装纸 | 高白度（92%以上）、环保认证（FSC/PEFC），适用于精装书籍和 | | | "云鹤" | | | 画册 | | 太阳纸业 | 金太阳、华夏太阳、天阳 | 205 | 教育书刊、办公复印纸 | 80-100g/m²主流克重，高性价比，市场份额领先 | | 亚太森博 | 百旺、品旺、瑞印、印爽、雅文 | 185 | 办公复印纸、激光打印纸 | 高平滑度，适用于高负荷打印；品牌"百旺"是复印纸领导者 | | 华泰股份 | 牡丹、铸魂、华泰 | 142 | 文化用纸、宣传材料 | 侧重性价比，70-80g/m²克重，适合教材和杂志印刷 | | 玖龙纸业 | 海 ...

胶版印刷纸基本面和估值分析 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分胶版印刷纸的供需基本面 GALAXYFUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 造纸产业链分析 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 供应——产能VS开机率 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 | 省份 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | --- | --- | --- | --- | --- | --- | | 广西壮族自治区 | 30 | 85 | 85 | 85 | 140 ...

胶版印刷纸期货基础知识和基本面分享 银河期货 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 第一部分 双胶纸基础及合约介绍 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 胶版印刷纸产业链 文化印刷用纸主要产品为双胶 纸、铜版纸； 部分文化纸以混浆、再生浆作 为原料，但市场占比较小， 多 数生产工艺仍是以针叶浆、阔 叶浆和化机浆作为主要原料； 主要下游需求以印刷出版为主。 其中每年的出版招标需求是双 胶纸的主要需求支撑，铜版纸 则受社会需求影响更大。 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ...

供大于求格局不变，造纸市场行情疲弱 银河化工 研究员：朱四祥 期货从业证号：F03127108 投资咨询证号：Z0020124 目录 第一部分综合分析与交易策略 第二部分核心逻辑分析 第三部分周度数据跟踪 GALAXYFUTURES 1 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 208/218/234 综合分析与交易策略 【综合分析】 【逻辑分析】 【策略】 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 纸浆：进口针叶浆受期货资金推动均价涨 1.09%，阔叶浆因货源减少 + 下游采购支撑涨 2.25%，国产浆弱稳运行；港口库存累库至 217.3 万吨 （环比 + 3.0%），连续两 ...

玉米现货偏强 盘面冲高回落 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 11 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 综合分析与交易策略 玉米：美玉米11月下调单产，但是产量处于高位，美玉米03合约偏强震荡，预计美玉米03合约430美分/蒲支撑较强。中国进口美玉米配额内关税11%，高粱 为12%，美玉米进口有利润，巴西进口利润较高。目前农户仍惜售，玉米上量较低，预计12月中下旬东北玉米仍有一波卖压。短期东北玉米上量偏低，下游刚需 补库，东北玉米偏强，华北玉米上量增加，玉米现货偏弱，华北小麦价格偏强。预计短期北港收购价会下调，玉米现货上涨空间有限 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The peanut futures market is experiencing a downward trend with the decline in oil mill purchase prices and a volatile market. The report recommends short - selling PK601 peanuts on rallies and conducting reverse arbitrage on the 1 - 5 spread when it is high. Additionally, it suggests trying the option strategy of selling PK601 - C - 8200 [5][6] 3. Summary by Relevant Sections 3.1 Comprehensive Analysis and Trading Strategies - **Option Strategy**: Try selling the PK601 - C - 8200 option strategy [5] - **Trading Logic**: Peanut trading volume has increased. Henan common peanuts have stable prices, while Shandong and Northeast peanuts have seen price drops. Imported peanut prices are stable, but import volume has significantly decreased. Oil mill operating rates have risen, peanut meal prices have fallen, and peanut oil prices are weak. Oil mill profits from pressing have decreased, downstream consumption remains weak, and oil mill peanut and peanut oil inventories have increased. The market anticipates an increase in peanut production compared to last year, but farmers in the Northeast are reluctant to sell. The price difference between Northeast and Henan peanuts remains high, and there is an abundant supply of oil - grade peanuts in Henan. Oil mill purchase prices have been lowered, and the spot price of Henan peanuts is low. There is weak willingness to take delivery of 01 peanut warehouse receipts. This week, 01 peanuts fluctuated downward, and the 1 - 5 spread also declined [6] - **Strategy**: Short - sell 01 peanuts on rallies [6] - **Spread Strategy**: Conduct reverse arbitrage on the 1 - 5 spread when it is high [6] 3.2 Core Logic Analysis 3.2.1 Peanut Price - **Domestic Peanuts**: Henan and Northeast peanut prices have declined. Shandong Junan large peanuts are at 3.4 yuan per jin, down 0.1 yuan from last week; Henan Zhengyang new - season peanuts are at 3.7 yuan per jin, stable compared to last week; Liaoning Changtu Baisha peanuts are at 4.75 yuan per jin, down 0.1 yuan from last week; Jilin Fuyu Baisha peanuts are at 4.75 yuan per jin, down 0.1 yuan from last week. Common peanut trading is average, and Henan peanut prices are relatively stable [11] - **Oil Mill Oil - grade Peanuts**: Oil mill purchase prices have dropped, and most mills are still not purchasing. The basic purchase price of oil mills is between 7150 - 7400 yuan per ton, down 100 yuan per ton from last week [11] - **Imported Peanuts**: Sudan new peanuts are at 8600 yuan per ton, Senegalese oil - grade peanuts are at 7600 yuan per ton, and Indian 50/60 peanuts are quoted at 8000 yuan per ton, with prices stable compared to last week [11] 3.2.2 Domestic Demand - **Oil Mill Operating Rate**: As of December 4th, the operating rate of peanut oil mills this week is 19.07%, a 2.46% increase from last week [15] - **Oil Mill Inventory**: This week, the oil mill's peanut arrival volume is 46,200 tons, an increase of 4600 tons from last week. The oil mill's peanut inventory is 89,600 tons, an increase of 18,200 tons from last week. The peanut oil inventory is 41,500 tons, an increase of 1000 tons from last week [15] 3.2.3 Pressing Profit - **Pressing Profit**: The purchase price of peanut oil mills has been lowered, peanut meal prices are weak, and peanut oil prices are weak. As a result, the oil mill's pressing profit is 334 yuan per ton, a decrease of 42 yuan per ton from last week (data from Steel Union) [19] - **Peanut Oil Price**: The average price of first - grade peanut oil is 14,500 yuan per ton, weaker than last week, and the price of small - pressed concentrated fragrant oil is 16,300 yuan per ton, stable compared to last week [19] - **Peanut Meal**: Due to the strong spot price of soybean meal, the price difference between peanut meal and soybean meal is low. The peanut meal price is stable, at 3100 yuan per ton this week, a decrease of 80 yuan per ton from last week [19] 3.2.4 Basis and Spread - **Spread**: This week, due to the 01 peanut price rising and then falling, the 1 - 4 peanut spread is strong, stabilizing around - 40 yuan [26] - **Spot - Futures Price Difference**: It has declined [26] 3.2.5 Peanut Import - **Peanut Kernel Import**: In October, the import of peanut kernels was 35,000 tons. From January to October, the cumulative import was 198,000 tons, a 69% decrease compared to the same period last year [30] - **Peanut Kernel Export**: In October, the export of peanut kernels was 14,000 tons. From January to October, the cumulative export was 129,000 tons, a 19% increase compared to the same period last year [30] - **Peanut Oil Import**: In October, the import of peanut oil was 43,000 tons. From January to October, the cumulative import of peanut oil was 334,000 tons, a 53% increase compared to last year [30]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The paper pulp market shows an oversupply situation with high inventory and weak demand, though cost support is relatively strong, and it may experience high - level fluctuations in the short term [5]. - The double - offset paper market has a weak supply - demand balance, with increasing losses and lack of short - term valuation support, and may maintain range consolidation [5]. - For investment strategies, it is advisable to wait and see for SP2501, short OP2501 against the actual spot transaction price, pay attention to the SP1 - 3 positive spread arbitrage opportunity, wait and see for SP options, and sell OP2601 - C - 4400 for OP options [5]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategy 3.1.1 Paper Pulp - Supply: Domestic production of broad - leaf pulp decreased by 2.1 tons to 22.9 tons, chemimechanical pulp increased slightly to 23.6 tons, imports remained at 72.5 tons, total supply decreased by 2 tons to 125.6 tons, and port inventory increased by 10.2 tons to 211 tons [5]. - Demand: Downstream consumption increased slightly to 81.5 tons, but the paper mill operating rate did not improve significantly, and terminal demand improvement was limited, with a supply - demand gap of 44.1 tons [5]. - Cost: Coniferous pulp prices rose by 1.22% due to futures funds, and broad - leaf pulp prices rose by 1.48% due to tight supply and external market support [5]. - Strategy: Wait and see for SP2501, and go long at low levels if port inventory falls below 200 tons; pay attention to the SP1 - 3 positive spread arbitrage opportunity; wait and see for SP options [5]. 3.1.2 Double - Offset Paper - Supply: Production increased by 0.1 tons to 20.9 tons, capacity utilization was 53.5%, and there was product conversion due to poor profitability [5]. - Demand: Publishing tenders were scattered, social orders were dull, exports did not break through, and consumption concentration was low [5]. - Cost: Pulp price increases pushed up costs, and losses expanded to - 298.2 yuan/ton [5]. - Strategy: Short OP2501 against the actual spot transaction price; sell OP2601 - C - 4400 for OP options [5]. 3.2 Core Logic Analysis - Paper pulp: High inventory and weak demand restrict the upward space, and short - term high - level fluctuations are expected. Attention should be paid to port de - stocking and downstream price increases [5]. - Double - offset paper: Under the weak supply - demand balance, the factory's price - support intention is difficult to be transmitted to the terminal, and short - term valuation lacks support [5]. 3.3 Weekly Data Tracking 3.3.1 Double - Offset Paper - Supply: Production increased by 0.1 tons to 20.9 tons, an increase of 0.5%, and capacity utilization was 53.5%, up 0.1%. Profits decreased, with a weekly average profit of - 298.2 yuan/ton and a gross profit margin decrease of 0.8 percentage points [9]. - Inventory: Production enterprise inventory was 136.4 tons, a month - on - month increase of 0.7%, and is expected to continue to increase [12]. - Price: The national average price was 4643 yuan/ton, unchanged from the previous period, with a mainstream brand price range of 4400 - 4900 yuan/ton [42]. 3.3.2 Copper - Plate Paper - Supply: Production decreased by 0.2 tons to 8.3 tons, a decrease of 2.4%, and capacity utilization was 61.4%, down 1.7%. Profits narrowed, with a weekly average profit of 140.4 yuan/ton and a gross profit margin decrease of 0.7 percentage points [16]. - Inventory: Production enterprise inventory was 37.5 tons, a month - on - month decrease of 0.3%, and is expected to continue to decrease slightly [20]. - Price: The national average price was 4975 yuan/ton, unchanged from the previous period, with a mainstream brand price range of 4650 - 4850 yuan/ton [42]. 3.3.3 Domestic Pulp - Supply: Broad - leaf pulp production decreased by 2.1 tons to 22.9 tons, chemimechanical pulp production increased by 0.1 tons to 23.6 tons, and non - wood pulp production remained unchanged at 6.62 tons [24]. - Price: The broad - leaf pulp market price rose by 0.8% to 4157 yuan/ton, and the increase was restricted by downstream acceptance [24]. 3.3.4 Wood Pulp - Supply: The domestic chemimechanical pulp weekly average price remained unchanged, and port inventory increased by 10.2 tons to 211 tons, a month - on - month increase of 5.1% [27]. 3.3.5 Pulp Demand - Tissue Paper - Supply: Production increased by 0.42% to 28.48 tons, and capacity utilization was 65.24%, up 0.27 percentage points [31]. - Inventory: The inventory of sample enterprises decreased by 0.09% to 63.37 tons, and the inventory days decreased by 0.1% to 20.64 days [31]. 3.3.6 Pulp Demand - White Cardboard - Supply: Production increased by 0.5 tons to 36.2 tons, an increase of 1.4%, and capacity utilization was 80.09%, up 1.11 percentage points [34]. - Inventory: Factory inventory decreased by 0.8 tons to 106.2 tons, a decrease of 0.75%, and is expected to continue to decrease [34]. 3.3.7 Pulp Prices - Coniferous pulp: The spot price in Shandong/Silver Star increased by 1.22% to 5490 yuan/ton [48]. - Broad - leaf pulp: The spot price in Shandong/Goldfish increased by 1.48% to 4313 yuan/ton, and the domestic broad - leaf pulp market price rose by 0.8% to 4157 yuan/ton [48]. - Natural pulp: The spot price in Shandong/Venus increased by 0.41% to 5100 yuan/ton [48]. - Chemimechanical pulp: The imported chemimechanical pulp price in Shandong/Kunhe remained unchanged at 3700 yuan/ton, and the domestic market average price remained unchanged at 2600 yuan/ton [48].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The supply pressure has been alleviated but the oversupply situation remains. The demand support is limited, and the inventory is increasing, with radiata pine inventory being the core pressure. The cost of the outer - market still has a downward pressure. In the short term, the log valuation will remain at the bottom - oscillating state, and the marginal impact of overseas shipment volume changes and domestic construction demand recovery progress on valuation needs to be concerned [3][4] Group 3: Summary According to the Directory 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - Supply: The weekly shipment volume of New Zealand logs decreased by 110,000 cubic meters, and the arrival volume at 13 Chinese ports dropped to 395,000 cubic meters (a week - on - week decrease of 26%), but the oversupply pattern was not reversed [3] - Demand: The提货 demand for knot - free timber drove the daily average outbound volume at Shandong ports to increase by 18.81% week - on - week, and the overall outbound volume at 13 ports increased by 5.57%. However, the capital availability rate at construction sites slightly decreased, and the demand for housing construction and non - housing construction projects was differentiated, with limited overall demand support [3] - Inventory: The total inventory increased to 2.93 million cubic meters (a week - on - week increase of 1.74%), and the radiata pine inventory accounted for over 80% and continued to accumulate, being the core of inventory pressure [3] - Cost: The outer - market quotation of radiata pine by Pacific was lowered to $116, but the sentiment of traders to receive ships was flat, and the outer - market price still had a downward pressure [3] 3.1.2 Trading Strategies - Unilateral: It is recommended to wait and see, with range - trading as the main approach - Arbitrage: Pay attention to the 1 - 3 reverse arbitrage - Options: Wait and see [5] 3.2 Core Logic Analysis - The spot prices of radiata pine in Shandong and Jiangsu are at a relatively low historical level, with a certain safety margin in valuation. Although the outer - market price increased slightly by 1% week - on - week, the high domestic inventory pressure blocked the transmission of the outer - market price increase, making it difficult to support the restoration of spot valuation. The structural support on the demand side can only slow down the price decline, and factors such as high radiata pine inventory and cautious purchasing by traders suppress the upward movement of valuation. In the short term, the supply - demand contradiction has not been fundamentally alleviated, and the log valuation will maintain a bottom - oscillating state [4] 3.3 Weekly Data Tracking 3.3.1 Log Supply - New Zealand log shipment volume: From November 8 - 14, 2025, a total of 7 ships with 280,000 cubic meters of logs departed from New Zealand ports, a decrease of 3 ships and 110,000 cubic meters week - on - week. Among them, 6 ships with 250,000 cubic meters were directly shipped to China, a decrease of 3 ships and 120,000 cubic meters week - on - week [12] - Arrival volume at 13 Chinese ports: From November 10 - 16, 2025, the expected arrival of New Zealand logs at 13 Chinese ports was 12 ships, a decrease of 4 ships week - on - week, and the total arrival volume was about 395,000 cubic meters, a decrease of 136,000 cubic meters week - on - week [12] 3.3.2 Log Inventory - By material: As of November 7, the total domestic log inventory by material was 2.93 million cubic meters, an increase of 50,000 cubic meters week - on - week; the radiata pine inventory was 2.41 million cubic meters, an increase of 50,000 cubic meters week - on - week [16] - By province: As of November 7, the total inventory at 3 Shandong ports increased by 32,000 cubic meters, at 3 Jiangsu ports increased by 32,000 cubic meters, at 3 Fujian ports increased by 133 cubic meters, at 2 Hebei ports decreased by 2,000 cubic meters, and at Dongguan Port in Guangdong increased by 20,000 cubic meters [16] 3.3.3 Log Demand - Outbound volume: The daily average outbound volume was 66,300 cubic meters, an increase of 3,500 cubic meters week - on - week. Shandong had a significant increase, while Jiangsu, Fujian, and Guangdong showed decreases [22] - Construction site capital availability: As of November 4, the capital availability rate at sample construction sites was 59.82%, a week - on - week increase of 0.12 percentage points. However, the capital improvement has not been fully transmitted to the log procurement end, and downstream procurement is still mainly for rigid demand replenishment [22] 3.3.4 Log Prices - Radiata pine: In Shandong, the price of 3.9 - meter medium - grade A radiata pine logs at Rizhao Port was 750 yuan/cubic meter, remaining the same as last week. In Jiangsu, the price of 4 - meter medium - grade A radiata pine logs at Taicang Port was 760 yuan/cubic meter, a week - on - week decrease of 1.30% [26][29] - Spruce: In Shandong, the price of 11.8 - meter, 20 - cm + general - grade spruce logs at Rizhao Port was 1,180 yuan/cubic meter, remaining the same as last week [29] - Downstream timber: The mainstream transaction price of 3000 * 40 * 90 radiata pine timber was 1,260 yuan/cubic meter in Shandong and Jiangsu markets, and that of 3000 * 40 * 90 spruce/white pine timber was 1,830 yuan/cubic meter in Shandong and 1,680 yuan/cubic meter in Jiangsu [34] 3.3.5 Imported Log Costs - Radiata pine outer - market price: In November 2025, the outer - market price (CFR) of 4 - meter medium - grade A radiata pine logs was $116 per JAS cubic meter, an increase of $1 per cubic meter from last month [40] - Spruce outer - market price: In November 2025, the outer - market price (CFR) of 11.8 - meter, 20 + spruce logs was 126 euros per JAS cubic meter, an increase of 1 euro per cubic meter from last month [40]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views - The current situation features high inventory, weak spot prices, and limited upward momentum in the futures market. Short - term supply pressure has increased significantly, but long - term overseas supply may tighten. Demand is seasonally weak, and the current price has partly reflected negative expectations. In the short term, the price will mainly fluctuate within a narrow range with relatively limited downside space [1][4][5]. Group 3: Summary by Directory Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Supply side: This week, New Zealand shipped 14 vessels (510,000 cubic meters) of logs to China, a week - on - week increase of 7 vessels (220,000 cubic meters). The arrival volume at 13 Chinese ports was 465,000 cubic meters, a week - on - week increase of 48%. However, the Canadian timber industry's capacity has shrunk due to US tariffs, and with the expected winter shutdown in North America, long - term overseas supply may tighten. Inventory continues to accumulate, with the total domestic softwood log inventory at 2.95 million cubic meters, a week - on - week increase of 0.68%. Radiata pine inventory accounts for over 80%, concentrated in Shandong and Jiangsu ports. - Demand side: Demand is seasonally weak. The average daily outbound volume at 13 ports is 65,600 cubic meters, a week - on - week decrease of 1.06%. The decline in outbound volume in Fujian and Hebei is significant. The capital availability rate of construction sites has increased slightly by 0.04 percentage points to 59.8%, but there are few new projects, and the transmission of terminal demand is limited [4]. Logic Analysis - On the spot side, the prices at major ports have dropped by 10 - 30 yuan per cubic meter. The price of 4 - meter medium - grade A radiata pine in Taicang is 750 yuan per cubic meter, a year - on - year decrease of 6.25%. The overseas market price remains at $116 but has hidden discounts, and traders' willingness to accept vessels is low, with limited cost support. The short - term arrival volume surge and inventory accumulation on the supply side suppress valuation, and the seasonal decline in demand further weakens the upward momentum of prices. The current price has partly reflected negative expectations. If overseas shipments decrease seasonally or domestic terminal demand improves, the valuation is expected to recover marginally. In the short term, it will mainly fluctuate within a narrow range with relatively limited downside space [5]. Strategy - Unilateral: Wait and see. Close previous short positions. Aggressive investors can consider buying a small amount near the previous low. - Arbitrage: Pay attention to the 1 - 3 reverse spread. - Options: Wait and see [6]. Weekly Data Tracking Log Supply - New Zealand log shipments: From November 17 - 23, 2025, the expected number of New Zealand log vessels arriving at 13 Chinese ports was 13, an increase of 3 vessels compared to last week, a week - on - week increase of 30%. The total arrival volume was about 465,000 cubic meters, an increase of 150,000 cubic meters compared to last week, a week - on - week increase of 48%. In October 2025, China's imports of softwood logs from New Zealand were about 1.4958 million cubic meters, a month - on - month decrease of 0.23% and a year - on - year increase of 12.47%. From January to October 2025, China's imports of softwood logs from New Zealand were about 15.0078 million cubic meters, a year - on - year increase of 1.80%. In October 2025, China's imports of radiata pine were about 1.4836 million cubic meters, a month - on - month increase of 2.24% and a year - on - year increase of 16.34%. From January to October 2025, China's imports of radiata pine were about 14.6481 million cubic meters, a year - on - year increase of 1.35% [13]. Log Inventory - As of November 14, the total domestic log inventory by material was 2.95 million cubic meters, an increase of 20,000 cubic meters compared to last week, a week - on - week increase of 0.68%. Radiata pine inventory was 2.43 million cubic meters, an increase of 20,000 cubic meters compared to last week, a week - on - week increase of 0.83%. North American log inventory was 90,000 cubic meters, a decrease of 10,000 cubic meters compared to last week, a week - on - week decrease of 10.00%. Spruce/fir inventory was 210,000 cubic meters, an increase of 10,000 cubic meters compared to last week, a week - on - week increase of 5.00%. - By province, as of November 14, the total inventory at 3 ports in Shandong was 1,954,000 cubic meters, an increase of 39,000 cubic meters compared to the previous period. The total inventory at 3 ports in Jiangsu was 836,562 cubic meters, an increase of 39,000 cubic meters compared to the previous period. The total inventory at 3 ports in Fujian was 52,923 cubic meters, a decrease of 16,810 cubic meters compared to the previous period [16]. Log Demand - As of November 14, the average daily outbound volume of logs at 13 ports was 65,600 cubic meters, a decrease of 7,000 cubic meters compared to the previous period, a week - on - week decrease of 1.06%. Among them, the average daily total outbound volume at 3 ports in Shandong was 36,700 cubic meters, a decrease of 12,000 cubic meters compared to the previous period, a week - on - week decrease of 3.17%. The average daily total outbound volume at 3 ports in Jiangsu was 24,400 cubic meters, an increase of 16,000 cubic meters compared to the previous period, a week - on - week increase of 7.02%. The average daily total outbound volume at 3 ports in Fujian was 2,700 cubic meters, a decrease of 11,000 cubic meters compared to the previous period, a week - on - week decrease of 28.95%. - As of November 18, the capital availability rate of sample construction sites was 59.8%, a week - on - week increase of 0.04 percentage points. The capital availability rate of non - housing construction projects was 61.11%, a week - on - week increase of 0.05 percentage points. The capital availability rate of housing construction projects was 53.29%, a week - on - week increase of 0.05 percentage points. Although the capital availability rate has stopped declining slightly and the construction progress of some projects in East China has accelerated slightly, the number of new projects is still small [22]. Log Prices - Radiata pine and spruce/fir prices: In Shandong, the price of 3.9 - meter medium - grade A radiata pine logs at Rizhao Port this week was 750 yuan per cubic meter, unchanged from last week and a year - on - year decrease of 50 yuan per cubic meter (6.25%). In Jiangsu, the price of 4 - meter medium - grade A radiata pine logs at Taicang Port this week was 750 yuan per cubic meter, a week - on - week decrease of 10 yuan per cubic meter (1.32%) and a year - on - year decrease of 50 yuan per cubic meter (6.25%). In Shandong, the price of 11.8 - meter 20cm + spruce logs at Rizhao Port this week was 1,180 yuan per cubic meter, unchanged from last week and a year - on - year increase of 100 yuan per cubic meter (9.26%) [29]. - Downstream timber prices: For radiata pine timber, the mainstream transaction price in the Shandong market was 1,260 yuan per cubic meter, and in the Jiangsu market, it was also 1,260 yuan per cubic meter. For spruce/white pine timber, the mainstream transaction price in the Shandong market was 1,830 yuan per cubic meter, and in the Jiangsu market, it was 1,680 yuan per cubic meter [33]. Imported Log Costs - Radiata pine FOB price: In November 2025, the FOB price (CFR) of 4 - meter medium - grade A radiata pine logs was $116 per JAS cubic meter, an increase of $1 per cubic meter compared to last month. - Spruce FOB price: In November 2025, the FOB price (CFR) of 11.8 - meter 20 + spruce logs was 126 euros per JAS cubic meter, an increase of 1 euro per cubic meter compared to last month. In November, New Zealand log suppliers' quotes were firm, but domestic traders' willingness to accept vessels was low. There were many quote adjustments within the month, and some suppliers' offer prices had hidden discounts. It is expected that the FOB price of New Zealand radiata pine may be adjusted downward in December [39][40].