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Report Industry Investment Rating - Not provided in the given documents Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Presents detailed data on the latest values, changes from the previous day, historical 1 - year and all - time quantiles of various stock index futures spreads and cross - variety ratios, including IF, IH, IC, and IM [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - Provides data on the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL interest rate futures, along with their changes and percentiles since listing [2] 3. **Precious Metals Spot - Futures Daily Report** - Future market may focus on the impact of US economic data on Fed policy and geopolitical situation in South America. Precious metals are expected to maintain high volatility in January. Suggestions include long - position gold allocation on dips, light long - position silver trading with option hedging, and long - position platinum trading due to its strong external market performance [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - Shows the increase in settlement price indices and Shanghai export container freight rates. Futures prices of container shipping indices have also risen, and there are changes in fundamental data such as supply, port indicators, and overseas economic indicators [7][8] Summary of Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Spread Data**: Includes IF, IH, IC, and IM futures' spot - futures spreads, cross - period spreads, and cross - variety ratios, with specific values, changes, and quantiles [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - **Basis Data**: TS, TF, T, and TL futures' basis values, changes, and percentiles since listing [2] - **Cross - Period Spread Data**: Cross - period spreads of different contracts and their changes and percentiles [2] - **Cross - Variety Spread Data**: Cross - variety spreads among different interest rate futures and their changes and percentiles [2] 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Price**: Domestic and foreign precious metals futures closing prices, price changes, and percentage changes [3] - **Spot Price**: Spot prices of various precious metals, price changes, and percentage changes [3] - **Basis**: Basis values of different precious metals, price changes, and 1 - year quantiles [3] - **Ratio**: Ratios of different precious metals, price changes, and percentage changes [3] - **Interest Rate and Exchange Rate**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate, along with their changes and percentage changes [3] - **Inventory and Position**: Inventory and position data of precious metals, changes, and percentage changes [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - **Settlement Price Index**: SCFIS for European and US West routes, with price changes and percentage changes [7] - **Shanghai Export Container Freight Rate**: SCFI comprehensive index, European, US West, and US East routes, with price changes and percentage changes [7] - **Futures Price and Basis**: Futures prices of different container shipping index contracts, price changes, percentage changes, and basis value changes of the main contract [7] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port indicators (quasi - arrival rate, berthing situation), monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI, OECD leading indicators), with their changes and percentage changes [7] - **Spot Quotation**: Spot freight rates of Shanghai - Europe routes for different shipping companies, price changes, and percentage changes [8]

Report Investment Ratings - No investment ratings provided in the reports Core Views - In the precious metals market, the gold market has completed its correction. Future market attention may shift to the impact of US economic data on Fed policies and geopolitical situations in South America. Platinum and palladium prices may gradually stabilize, with the platinum price rising due to strong overseas markets. Palladium, with a relatively weaker fundamental situation, may follow the trend. The platinum-palladium ratio is expected to rise, presenting a hedging arbitrage opportunity. Silver may face a pullback risk due to global commodity index rebalancing, and investors are advised to maintain a light long position and use options to lock in profits [3] - In the container shipping industry, the freight rates for European and US routes have increased, with significant growth on the US - West route. The fundamental data shows that the global container shipping capacity supply remains stable, while port - related indicators and overseas economic data present a mixed picture [5] Summary by Category Stock Index Futures Spread - **Price Difference Data**: F, H, IC, and IM have different current - spot price differences and inter - period price differences, with varying changes compared to the previous day and percentile rankings in different time frames. There are also cross - variety ratios such as IC/IF, IC/IH, etc., with corresponding changes and percentile rankings [1] Bond Futures - **Basis and Spread Data**: TS, TF, T, and TL have different basis values, inter - period spreads, and cross - variety spreads, with corresponding changes compared to the previous day and percentile rankings since listing [2] Precious Metals - **Domestic Futures**: AU2602, AG2602, PT2606, and PD2606 contracts all declined in price, with varying decline rates [3] - **Foreign Futures**: Contracts for COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium all rose in price, with varying increase rates [3] - **Spot Prices**: The spot prices of London gold and London silver rose, while the spot prices of platinum and palladium declined. The prices of gold T + D and silver T + D on the Shanghai Gold Exchange also declined [3] - **Basis and Ratio**: There are different basis values and cross - variety ratios among various precious metals, with corresponding changes [3] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield, 2 - year US Treasury yield, 10 - year TIPS Treasury yield, and the US dollar index all changed slightly, while the on - shore RMB exchange rate declined slightly [3] - **Inventory and Holdings**: The inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and the holdings of SPRD gold ETF and SLV silver ETF all changed to different extents [3] Container Shipping Industry - **Freight Index**: The SCFIS for European and US - West routes increased, with a significant increase on the US - West route. The SCFI comprehensive index and the SCFI for US - West and US - East routes also increased, while the SCFI for the European route declined slightly [5] - **Futures Prices and Basis**: The prices of EC2602 (main contract), EC2604, etc. changed slightly, and the basis of the main contract increased [5] - **Fundamental Data**: The global container shipping capacity supply remained unchanged. Port - related indicators such as the port punctuality rate and port calls in Shanghai, and overseas economic data such as the euro - zone composite PMI, EU consumer confidence index, and US manufacturing PMI all changed to different extents [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cost side of PX, PTA, and MEG has more disturbances, and polyester prices fluctuate following the cost. The game between the downward feedback from downstream and the expected improvement remains the focus of market contradictions. For PX, beware of the real - world situation dragging it down; for PTA, it is expected to decline; for MEG, it is expected to fluctuate after a rebound [2][155]. 3. Summary According to the Table of Contents 3.1 PX&PTA&MEG Price: Follow Crude Oil Price Fluctuations, Geopolitical Factors Affect Crude Oil Price - **Futures Price**: From November 28, 2025, to December 30, 2025, the PTA closing price increased from 4700 yuan/ton to 5144 yuan/ton, a rise of 9.4%; the MEG closing price decreased from 3885 yuan/ton to 3847 yuan/ton, a decline of 1.0%; the PX closing price increased from 6830 yuan/ton to 7316 yuan/ton, a rise of 7.1% [6]. - **Basis and Spread**: The PTA, MEG, and PX basis and spreads have changed to varying degrees. For example, the PTA basis decreased from - 37 yuan/ton to - 46 yuan/ton, a decline of 24.3% [15]. - **Price Differences**: The TA - EG spread widened significantly, with a change value of 482 yuan/ton and a rise of 59.1%. The TA - PX * 0.656 spread also increased, with a change value of 97 yuan/ton and a rise of 44.2%. There were also changes in the price differences between raw materials such as PX - crude oil, PX - MX, etc. [18][22]. 3.2 PX&PTA&MEG Supply Situation: Focus on Device Maintenance - **PX**: As of December 26, 2025, the Asian PX operating rate was 79.5%, a month - on - month increase of 0.8 percentage points; the Chinese PX operating rate was 88.2%, a month - on - month decrease of 0.1 percentage points. A 70 - ton PX device in the Northeast is restarting, and its capacity will expand to 1 million tons/year after restart [36]. - **PTA**: As of December 26, 2025, the PTA operating rate was 72.5%, a month - on - month decrease of 1.2 percentage points. Multiple PTA devices have restarted, such as the 55 - ton PTA device of FCFC in Taiwan and the 1.2 - million - ton PTA device of Zhongtai Petrochemical [38]. - **MEG**: As of December 26, 2025, the overall operating rate of ethylene glycol in mainland China was 73.32% (a month - on - month decrease of 1.14%), and the operating rate of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 77.28% (a month - on - month increase of 4.52%). Multiple MEG devices in Taiwan, Iran, and Saudi Arabia have planned maintenance [52]. 3.3 PX&PTA&MEG Import and Export Situation: India's BIS Certification Cancelled - **PX**: In November 2025, the total import volume of PX in mainland China was about 817,000 tons, a month - on - month decrease of 1% and a year - on - year decrease of 16.3% [60]. - **PTA**: In November 2025, the PTA import volume was 300 tons, a year - on - year decrease of 89.94%; the export volume was 358,900 tons, a year - on - year decrease of 16.93%. The cumulative export volume from January to November 2025 was 3.4553 million tons, close to the full - year level in 2023 [65]. - **MEG**: In November 2025, the import volume of ethylene glycol was 580,000 tons, a year - on - year increase of 6.1%. The cumulative import volume from January to November was 6.88 million tons, a year - on - year increase of 15.2% [68]. - **Polyester**: In November 2025, the total export volume of polyester products was 1.2948 million tons, a month - on - month increase of 96,300 tons and a year - on - year increase of 121,000 tons [73]. 3.4 PX&PTA&MEG Inventory Situation: Downstream Finished - Product Inventory Reduction - **PTA**: The total PTA inventory is at the bottom. - **MEG**: On December 29, 2025, the inventory of MEG in some main ports in East China was about 730,000 tons [85]. 3.5 Polyester Demand Situation: Terminal Demand Faces Challenges - **Domestic Polyester Device Changes**: As of December 31, 2025, the total planned reduction of three major polyester filament factories was about 2.819 million tons. Multiple devices are planned to be shut down for maintenance, and some devices have restarted [87]. - **Domestic Polyester - Related Data**: The operating rates of polyester, texturing machines, looms, etc. have decreased to varying degrees, and the inventory days and cash flows of some products have also changed [88]. - **Terminal Demand**: Terminal demand has declined, such as the decline in textile and clothing exports. From January to November 2025, China's textile and clothing exports decreased by 1.9%, and in November, it decreased by 5.1% [105]. 3.6 PX&PTA&MEG Positioning Situation - **PTA**: As of December 30, 2025, the total PTA position was 1,890,052 lots, showing a month - on - month and year - on - year increase [120]. - **MEG**: As of December 30, 2025, the total MEG position was 341,247 lots, showing a month - on - month decrease and a year - on - year slight decrease [120]. - **PX**: As of December 30, 2025, the total PX position was 458,083 lots, showing a month - on - month and year - on - year increase [120].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - This week, the domestic natural rubber futures market declined while the overseas market rose. Due to the improvement in weather in overseas main - producing areas after the holiday, the increase in supply will put pressure on raw material prices, and the cost support may weaken. Although the spot inventory of natural rubber continues to accumulate and some downstream enterprises plan to have short - term maintenance during the "New Year's Day" holiday, after the holiday, funds will return to the market. Affected by the external market during the holiday, with limited self - contradiction driving, it is expected that the natural rubber price will follow the overall trend of the energy and chemical sector and fluctuate slightly stronger [9][102]. - Valuation: The spread between the main contracts of RU and NR remained stable at 2980 yuan/ton, and the spread between mixed standard rubber and the main contract of RU decreased by 65 yuan/ton. Investment strategies include waiting and seeing for RU in the unilateral aspect, waiting for opportunities to short at high prices; observing in the inter - period and cross - variety aspects [103]. 3. Summary by Directory Industry News - In the first 11 months of 2025, Vietnam's total exports of natural rubber and mixed rubber decreased by 5.6% year - on - year, and the total exports to China decreased by 0.6% year - on - year [5]. - On December 31, the Ministry of Commerce and other departments issued the implementation rules for the 2026 automobile trade - in subsidy, expanding the scope of support compared with 2025 [6]. - In the first 11 months of 2025, Thailand's total exports of natural rubber and mixed rubber increased by 4.6% year - on - year, and the total exports to China increased by 24% year - on - year [7]. Market Trends - This week, the domestic rubber futures market declined, while the overseas market rose. For example, the closing price of RU2605 decreased by 1.11% compared with the previous period, and the closing price of Singapore TSR20:2605 increased by 0.17% [9][11]. Price Basis and Calendar Spread - The basis of whole milk - RU05 increased by 26.04% compared with the previous period, and the 05 - 09 calendar spread increased by 100.00% compared with the previous period [12]. Other Spreads - Spreads such as RU - NR, RU - BR, NR - SICOM TSR20, and RU - JPX RSS3 decreased [16]. - This week, most rubber spot prices declined, and futures prices declined more, resulting in a stronger basis [20]. - The spread between whole milk and Thai mixed rubber and the spread between 3L and Thai mixed rubber widened [23]. Substitute Prices - The price of butadiene at the raw material end of butadiene rubber continued to rise, providing obvious bottom support for the short - term market price, and most spot offers maintained a firm price and tried to sell [29]. Capital Trends - The virtual - to - physical ratio and the settled funds of RU and NR both decreased. For example, the virtual - to - physical ratio of RU decreased by 16.46% compared with the previous period, and the settled funds decreased by 11.80% [32][34]. Fundamental Data Supply - Weather in Thai producing areas: The rainy season in southern Thailand is gradually coming to an end with decreasing rainfall, and the rainy season in northeastern Thailand has passed, but the rainfall is higher than the same period [37]. - Weather in domestic producing areas: The rainy seasons in Hainan and Yunnan producing areas have basically ended [39]. - Raw material prices: Due to the easing of overseas geopolitical tensions, raw material prices declined. For example, the price of cup lump in the Hat Yai market in Songkhla Province, Thailand, decreased by 2.54% compared with the previous period [41][43]. - Raw material spreads: The spread between water and cup in Thailand widened, the spread between Hainan glue going into the concentrated latex factory and going into the whole milk factory was stable, and Yunnan has basically stopped tapping [45]. - Upstream processing profit: As raw material prices declined, the rubber processing profit in Thailand generally improved. For example, the production profit of Thai standard rubber increased by 18.53% compared with the previous period [48][50]. - Delivery profit: The delivery profit in Hainan decreased, and Yunnan has basically stopped tapping, so the data update was suspended [53]. - Thai exports: In November, Thailand's natural rubber exports decreased month - on - month, with a slight increase in latex exports and a decrease in the exports of smoked sheets, standard rubber, and mixed rubber [60]. - Thai exports to China: In November, the quantity of Thailand's natural rubber exports to China decreased month - on - month, with an increase in the exports of latex, smoked sheets, and standard rubber and a decrease in mixed rubber [63]. - Indonesian exports: In October, Indonesia's total natural rubber exports decreased significantly year - on - year and month - on - month due to a large decrease in standard rubber exports, while the exports of mixed rubber continued to increase month - on - month. The total exports to China also decreased month - on - month [66]. - Vietnamese exports: In October, Vietnam's natural rubber exports increased month - on - month, with a large increase in latex exports. The exports to China increased seasonally, with large increases in standard rubber and latex exports [72]. - Ivorian exports: In November, Cote d'Ivoire's rubber exports decreased month - on - month, and the quantity of exports to China decreased significantly month - on - month [74]. - Rubber imports: In November, China's imports of natural rubber (including mixed rubber and composite rubber) were 643,600 tons, a month - on - month increase of 25.98% and a year - on - year increase of 14.76%. The imports of Thai mixed rubber, Thai standard rubber, and Ivorian standard rubber increased significantly month - on - month, while the imports of Vietnamese standard rubber and mixed rubber decreased year - on - year [78]. Demand - Tire capacity utilization and inventory: Some enterprises have short - term maintenance plans during the "New Year's Day" holiday, mostly for 3 - 5 days, and most enterprises maintain normal production. Tire inventory continued to accumulate last week (the current data has not been updated) [81]. - Tire exports and heavy - truck sales: In November, heavy - truck sales increased month - on - month with a higher growth rate, passenger car sales continued to grow but the year - on - year and month - on - month growth rates continued to decline, and tire exports recovered slightly month - on - month [84]. - Road transport turnover: In November, the road freight turnover increased month - on - month, while the passenger turnover decreased month - on - month [88]. Inventory - Spot inventory: The current natural rubber inventory in China continued to accumulate seasonally. Qingdao's inventory increased, and the increase rate of the increase in light - colored rubber inventory compared with the previous period weakened [94][96]. - Futures inventory: The natural rubber futures inventory in the Shanghai Futures Exchange and the 20 - rubber futures inventory in the Shanghai International Energy Exchange both increased to some extent. For example, the natural rubber futures inventory in the Shanghai Futures Exchange increased by 7.09% compared with the previous week [99].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The 03 contract's fundamentals have marginally improved, but the weak demand remains unchanged, limiting the overall upside potential. The market is expected to trade in a range [3]. Group 3: Summary by Relevant Catalog Futures and Spot Prices - On December 30th, the log 2601 contract was at 756.0, down 4.5 (-0.59%) from the previous day; the log 2603 contract remained flat at 776.0; the log 2605 contract was at 787.5, up 2.5 (0.32%) [2]. - The prices of various types of spot logs at ports such as Rizhao and Taicang remained unchanged on December 30th compared to the previous day. The latest round of FOB quotes for radiata pine 4m medium A was 112 USD/JAS m³, and for spruce 11.8m was 126 EUR/JAS m³, both unchanged [2]. Cost: Import Cost Calculation - On December 29th, the RMB/USD exchange rate was 7.008, up 0.01 from the previous day, with a 0% change. The import theoretical cost was 772.52 yuan, up 0.61 from the previous day, with a 0% change [2]. Supply: Monthly - In November, the port shipping volume was 189.2 million m³, down 12.1 million m³ (-6.01%) from October. The number of departing ships from New Zealand to China, Japan, and South Korea was 49, down 5 (-9.26%) from the previous period [2]. Inventory: Main Port Inventory (Weekly) - As of December 26th, the total domestic softwood log inventory was 254 million m³, down 6 million m³ (-2.31%) from the previous week. In Shandong, it was 185.2 million m³, up 2.15%. In Jiangsu, it was 52.1 million m³, down 9.4 million m³ (-15.30%) [2][3]. Demand: Daily Average Outbound Volume (Weekly) - As of December 26th, the daily average outbound volume of logs was 5.89 million m³, down 0.49 million m³ (-8%) from the previous week. In Shandong, it was 2.79 million m³, down 0.55 million m³ (-16%). In Jiangsu, it was 2.44 million m³, down 0.08 million m³ (-3%) [2][3]. Forecast of Arrival - From December 29th, 2025, to January 5th, 2026, 15 New Zealand softwood log ships are expected to arrive at 13 Chinese ports, an increase of 6 from the previous week, a week-on-week increase of 67%. The total arrival volume is expected to be 51.05 million m³, an increase of 20.45 million m³ from the previous week, a week-on-week increase of 66.8% [3].

Group 1 - The core viewpoint of the articles indicates a significant decline in liquefied gas futures prices, with the December closing average at 4188 yuan/ton, down 120 yuan/ton or 2.79% from the previous month [1] - The international crude oil prices showed a mixed trend, with WTI averaging $57.87/barrel, down $1.61/barrel or -2.70%, and Brent averaging $61.64/barrel, down $2.02/barrel or -3.18% [1] - Domestic liquefied gas supply in December was 2.1686 million tons, a slight decrease of 0.25% month-on-month but an increase of 5.49% year-on-year [1] Group 2 - The basis in South China strengthened significantly to 405 yuan/ton, expanding by 239 yuan/ton month-on-month, primarily due to the sharp decline in futures prices [2] - The average daily trading volume of the main contract decreased significantly to 19,245 lots, with the average daily open interest at 57,544 lots, down 20,880 lots month-on-month [2] - The outlook for January predicts weak fluctuations in international crude oil prices, with chemical processing profits remaining in substantial losses, likely exerting negative pressure on demand [2]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - In the context of low inventory and the expectation of a decrease in later shipments, some spot prices have been adjusted upwards. The fundamentals of the 03 contract have marginally improved, but the weak demand remains unchanged, limiting the overall upward adjustment space. The market is expected to fluctuate within a range [3]. 3. Summary by Relevant Catalogs Futures and Spot Prices - On December 29th, the prices of log futures contracts (LG2601, LG2603, LG2605) all declined compared to December 26th. The LG2601 contract dropped by 0.72% to 760.5 yuan/cubic meter, the LG2603 contract by 0.06% to 776 yuan/cubic meter, and the LG2605 contract by 0.25% to 785 yuan/cubic meter. The 01 - 03 and 01 - 05 spreads also decreased [2]. - The spot prices of major benchmark delivery products remained unchanged. For example, the price of 3.9 - meter medium - A radiata pine in Shandong was 740 yuan/cubic meter, and that of 4 - meter medium - A radiata pine in Jiangsu was 730 yuan/cubic meter. The latest round of foreign - market quotes was 112 US dollars/JAS cubic meter [3]. Cost - The RMB - US dollar exchange rate on December 29th was 7.008 yuan, up 0.01 yuan from December 28th. The import theoretical cost, calculated with a 15% increase in length, was 772.52 yuan, up 0.61 yuan from the previous day [2]. Supply - In terms of monthly supply, the port freight volume in November was 189.2 million cubic meters, a decrease of 6.01% compared to October. The number of departing ships was 49, a decrease of 9.26% compared to the previous period [2]. - From December 29th, 2025, to January 5th, 2026, 15 ships carrying New Zealand softwood logs are expected to arrive at 13 Chinese ports, an increase of 6 ships (67% week - on - week) compared to the previous week. The total arrival volume is expected to be 51.05 million cubic meters, an increase of 20.45 million cubic meters (66.8% week - on - week) [3]. Inventory - As of December 26th, the total inventory of domestic softwood logs was 254 million cubic meters, a decrease of 6 million cubic meters compared to the previous week. Inventory in Shandong was 181.3 million cubic meters, an increase of 3.9 million cubic meters; inventory in Jiangsu was 52.1 million cubic meters, a decrease of 9.4 million cubic meters (15.30% week - on - week) [2][3]. Demand - As of December 26th, the average daily log out - bound volume was 5.89 million cubic meters, a decrease of 0.49 million cubic meters compared to the previous week. The average daily out - bound volume in Shandong decreased by 0.55 million cubic meters (16%) to 2.79 million cubic meters, and in Jiangsu it decreased by 0.08 million cubic meters (3%) to 2.44 million cubic meters [2][3].

Group 1: Report Investment Rating - Not available Group 2: Core Viewpoints - The fundamentals of the 03 contract have marginally improved, but the weak demand persists, limiting the overall upside potential. The market is expected to trade in a range [3]. Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On December 29th, the prices of futures contracts such as Log 2601, Log 2603, and Log 2605 decreased compared to December 26th, with declines of -0.72%, -0.06%, and -0.25% respectively. The prices of various spot timbers at ports remained unchanged [2]. - The 01 - 03 spread decreased by 5.0, and the 01 - 05 spread decreased by 3.5. The 03 contract basis increased by 0.5, and the 01 contract basis increased by 5.5 [2]. - The foreign - market quotes for radiata pine 4 - meter medium A and spruce 11.8 - meter remained unchanged from December 26th to January 2nd [2]. Cost: Import Cost Calculation - On December 29th, the RMB - US dollar exchange rate was 7.008, up 0.01 from December 28th. The import theoretical cost, calculated with a 15% over - length allowance, was 772.52 yuan, up 0.61 yuan [2]. Supply: Monthly - In November, the port freight volume was 189.2 million cubic meters, a decrease of 12.1 million cubic meters (-6.01%) from October. The number of departing ships decreased by 5.0 (-9.26%) [2]. Inventory: Main Port Inventory (Weekly) - As of December 26th, the total domestic coniferous log inventory was 2.54 million cubic meters, a decrease of 60,000 cubic meters (-2.31%) from December 19th. Inventory in different regions showed varying degrees of change [2][3]. Demand: Average Daily Outbound Volume - As of December 26th, the average daily outbound volume of logs was 58,300 cubic meters, a decrease of 4,900 cubic meters (-8%) from December 19th. Outbound volumes in different regions also decreased to varying degrees [2][3]. Forecast of Arriving Ships - From December 29th, 2025, to January 5th, 2026, 15 New Zealand coniferous log ships are expected to arrive at 13 Chinese ports, an increase of 6 ships (67% week - on - week). The total arriving volume is expected to be 510,500 cubic meters, an increase of 204,500 cubic meters (66.8% week - on - week) [3].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report [1][2][3] Group 2: Core View - From December 22 - 28, 2025, the pre - arrival of New Zealand log ships at 13 Chinese ports was 9, a decrease of 6 from the previous week, a week - on - week decrease of 40%; the total arrival volume was about 309,000 cubic meters, a decrease of 215,000 cubic meters from the previous week, a week - on - week decrease of 41%. With low inventory and expected reduction in later shipments, some spot prices in Jiangsu increased last week. The fundamentals of the 03 contract have marginally improved, but weak demand limits the upward adjustment space. The market is expected to fluctuate within a range [3] Group 3: Summary by Related Catalogs Futures and Spot Prices - On December 26, the prices of log futures contracts showed different trends: the price of log 2601 was 766.0, up 0.5 (0.07%) from the previous day; log 2603 was 776.5, down 1.5 (-0.19%); log 2605 was 787.0, up 1.5 (0.19%). The prices of various spot logs at ports such as Rizhao and Taicang remained unchanged. The outer - market quotes for radiata pine 4 - meter medium A and spruce 11.8 - meter also remained unchanged [2] Supply - In terms of monthly supply, in November, the port throughput was 189.2 million cubic meters, down 12.1 million cubic meters (-6.01%) from October. The number of departing ships from New Zealand to China, Japan and South Korea was 49, down 5 (-9.26%) from the previous period [2] Inventory - In terms of weekly inventory at major ports, as of December 19, the inventory in China was 260 million cubic meters, down 12 million cubic meters (-4.41%) from December 12. Inventory in Shandong and Jiangsu also decreased [2][3] Demand - In terms of weekly average daily outbound volume, as of December 19, the average daily outbound volume in China was 6.32 million cubic meters, down 0.14 million cubic meters (-2%) from December 12. The demand in Shandong decreased, while that in Jiangsu increased slightly [3]