1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints of the Report - In the short - term, port arrivals are decreasing, and some traders are closing their warehouses, causing the spot price to be stable with a slight upward trend [3] - In the medium - term, supply will increase in February, demand will enter the Spring Festival off - season, and inventory is about to enter the accumulation stage. Log supply is expected to maintain a normal level according to the shipping schedule, while the weak new construction in the real estate sector on the demand side continues to drag down log demand [3] 3. Summary by Relevant Catalogs 3.1 Market Trends - Short - term: Port arrivals decline, some traders close warehouses, and spot prices are stable with a slight upward trend [3] - Medium - term: Supply increases in February, demand enters the Spring Festival off - season, inventory accumulates. Log supply follows the shipping schedule, and real - estate new construction weakness drags down demand [3] 3.2 Spot Price Trends - For different tree species, specifications, and regions, most prices remained stable from 2026/1/16 to 2026/2/6. Only the 3.9 - meter 30+ radiata pine in Shandong increased by 1.4% and the 5.9 - meter 20+ radiata pine in Shandong increased by 1.4% compared to the previous week [7] 3.3 Supply: New Zealand Log Shipping Schedule Data - Multiple log shipments from various origins are expected to arrive at Chinese and South Korean ports between February 7 and February 21, 2026, with different carrying capacities [19] 3.4 Demand and Inventory: Domestic Main Port Inventory and Daily Average Shipment - Port inventory: In some ports like Lanshan Port, Xinminzhou, and Jiangdu Port, inventory increased compared to the previous week, while in Taicang Port, it decreased. For example, the total inventory in Lanshan Port increased by 2.7%, and in Xinminzhou, the total inventory increased by 20.6% [23] - Daily average shipment: The total shipment in some ports like Lanshan Port and Taicang Port increased compared to the previous week, while in Jiangdu Port, it decreased. For example, the total shipment in Lanshan Port increased by 8.0%, and in Jiangdu Port, it decreased by 60.0% [23] 3.5 Other Direct Price - Affecting Factors - Freight: The dry bulk BDI decreased by 10.5% compared to the previous week, the handy - sized BHSI increased by 3.2%, the crude oil BDTI decreased by 0.6%, and the SCFI composite index decreased by 3.8% [27] - Exchange rate: The USD/CNY decreased by 0.5%, and the USD/NZD decreased by 1.5% [27]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core View - The log futures fluctuated yesterday, with the main contract LG2603 closing at 774 yuan per cubic meter, a week - on - week increase of 1.5 yuan per cubic meter. The spot price of the main benchmark delivery product remained unchanged, and the latest round of FOB quotes decreased by 2 US dollars. Last week, inventory started to accumulate. As of January 2nd, the total domestic coniferous log inventory was 2.67 million cubic meters, an increase of 130,000 cubic meters from the previous week. Demand continued to decline slightly. As of January 2nd, the daily average log out - bound volume was 56,500 cubic meters, a decrease of 18,000 cubic meters from the previous week. From December 29, 2025, to January 5, 2026, 15 vessels of New Zealand coniferous logs were expected to arrive at 13 Chinese ports, an increase of 6 vessels and a week - on - week increase of 67%; the total arrival volume was 510,500 cubic meters, an increase of 204,500 cubic meters and a week - on - week increase of 66.8%. The 01 contract continued to be deeply discounted for delivery, and the buyer's willingness to take delivery remained poor. Currently, the log futures price fluctuates little. With low inventory and an expected decrease in later shipments, the inventory pressure is small. However, the weak demand limits the upward adjustment space. Overall, the contradictions are insufficient, and the upward and downward driving forces are limited. The futures price is expected to fluctuate within a range [3]. Group 3: Summary by Related Categories Futures and Spot Prices - **Futures Prices**: On January 6th, the price of log 2601 was 767.5, up 14.0 (1.86%) from January 5th; log 2603 was 774.0, up 1.5 (0.19%); log 2605 and log 2607 remained unchanged at 785.0 and 797.0 respectively. The main contract basis was - 34.0, down 1.5 from January 5th [1]. - **Spot Prices**: The prices of various types of logs at ports such as Rizhao Port and Taicang Port remained unchanged on January 6th compared to January 5th [1]. - **External Quotes**: The CFR price of 4 - meter medium - grade A radiata pine was 110 US dollars per JAS cubic meter on January 9th, down 2 US dollars (- 1.79%) from January 2nd; the CFR price of 11.8 - meter spruce remained unchanged at 124 euros per JAS cubic meter [1]. Cost: Import Cost Calculation - The RMB - US dollar exchange rate remained unchanged at 6.976 on January 6th compared to January 2nd. The import theoretical cost was 755.77 yuan on January 6th, down 13.31 yuan (- 2%) from January 2nd [1]. Supply: Monthly - The port freight volume was 1.914 million cubic meters on November 30th, an increase of 22,000 cubic meters (1.16%) from October 31st. The number of departing vessels from New Zealand to China, Japan, and South Korea was 52.0 on a certain date, an increase of 3.0 (6.12%) [1]. Inventory: Main Port Inventory - As of January 2nd, China's total coniferous log inventory was 2.67 million cubic meters, an increase of 130,000 cubic meters (5.12%) compared to December 26th. Shandong's inventory was 1.95 million cubic meters, an increase of 98,000 cubic meters (5.29%) [1]. Demand - As of January 2nd, the daily average log out - bound volume in China was 56,500 cubic meters, a decrease of 18,000 cubic meters (- 3%) compared to December 26th. In Shandong, it was 28,900 cubic meters, an increase of 1,000 cubic meters (4%); in Jiangsu, it was 21,700 cubic meters, a decrease of 2,700 cubic meters (- 11%) [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The current foreign market quotation is decreasing, the spot prices of various specifications are generally declining, and the valuation is moving down. The supply side arrival volume continues to recover, the port inventory is higher than the past two years, but the absolute total is low. Although the outbound volume continues to show resilience, it will face pressure in the future. The futures price is at a relatively low level, and the cost support limits the downside space. Overall, the reality of the 01 contract is weak, and the willingness to take delivery is low. The futures price is expected to run weakly [2][3] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On December 1, the prices of log futures contracts 2601, 2603, and 2605 increased by 0.20%, 0.32%, and 0.32% respectively compared to November 28. The spreads between 01 - 03 and 01 - 5 decreased by 1.0, and the basis of 03 and 01 contracts decreased by 2.5 and 1.5 respectively. The spot prices of various specifications of radiation pine and spruce in Rizhao Port and Taicang Port remained unchanged. The CFR price of 4 - meter medium - grade A radiation pine decreased by 1.72%, and the CFR price of 11.8 - meter spruce remained unchanged [1] Import Cost - On December 1, the RMB - US dollar exchange rate remained unchanged at 7.071 yuan, and the import theoretical cost decreased by 2% to 792.79 yuan [1] Supply - In October, the port shipping volume decreased by 6.01% to 189.2 million cubic meters compared to September, and the number of departing ships decreased by 9.26% to 49 [1] Inventory - As of November 28, the total inventory of domestic coniferous logs decreased by 1.98% to 297 million cubic meters compared to November 21. The inventory in Shandong decreased by 3.83% to 206.5 million cubic meters, and the inventory in Jiangsu increased by 2.30% to 85.09 million cubic meters [1][2] Demand - As of November 28, the daily average outbound volume in China decreased by 5% to 6.13 million cubic meters compared to November 21. The daily average outbound volume in Shandong decreased by 15% to 2.62 million cubic meters, and the daily average outbound volume in Jiangsu increased by 11% to 2.36 million cubic meters [2] Forecast of Arrival - From December 1 - 7, 2025, the number of pre - arriving ships of New Zealand logs at 13 ports in China increased by 83% to 11 ships compared to last week, and the total arrival volume increased by 80% to about 39.1 million cubic meters [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The demand side is constrained by the traditional off - season in May. The demand for real - estate building materials is lower than expected, and furniture exports are affected by the China - US tariff war, so the later demand may be further compressed. In May, overseas shipments are expected to remain high, short - term arrival pressure is reduced, and the inventory destocking is mediocre. With the current spot price continuously decreasing, the weak balance pattern of the fundamentals persists, and the futures market is expected to be mainly oscillating weakly [3][4] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - Futures prices of different contracts (log2507, log2509, log2511) increased slightly on February 8, with increases of 0.58%, 0.57%, and 0.44% respectively. The spreads between some contracts changed, and the basis of each contract decreased. Spot prices of various types of logs in ports remained unchanged. The exchange rate of RMB against the US dollar and import theoretical costs changed slightly, and the import theoretical cost increased by 1.36 yuan [2] Supply - Monthly supply: Port throughput increased by 39.0 (24.17%) to 200.3 million cubic meters from March 31 to April 30, and the number of departing ships from New Zealand to China, Japan, and South Korea increased by 8 (13.79%) to 66 [2] Inventory - Main port inventory (weekly): As of April 25, the inventory in China was 351.00 million cubic meters, with no change week - on - week. The inventory in Shandong decreased by 4.8 to 198.8 million cubic meters, and the inventory in Jiangsu increased by 3.6 to 116.38 million cubic meters [2][3] Demand - Daily average outbound volume (weekly): As of April 25, the daily average outbound volume in China was 6.86 million cubic meters, an increase of 0.35 million cubic meters (5%) compared to April 18. The daily average outbound volume in Shandong increased by 0.56 million cubic meters (17%), and the daily average outbound volume in Jiangsu decreased by 0.21 million cubic meters (- 8%) [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The current fundamental situation of the log market is loose. New Zealand has lowered its offer price to $110, and the cost reduction has pulled down the market valuation to a certain extent. The overall demand is suppressed by the shrinkage of building materials and is lower than expected. The market sentiment was weak yesterday, with heavy volume decline near the cost line. Attention should be paid to the support level around 780 yuan [3][4]. 3. Summary by Relevant Catalogs Futures and Spot Prices - Futures prices of log contracts 2507, 2509, and 2511 all decreased on April 22 compared to April 21, with decreases of -2.28%, -1.64%, and -2.10% respectively. The 7 - 9, 9 - 11, and 7 - 11 spreads and 07, 09, 11 contract basis also changed. Spot prices of some radiata pine and spruce in ports showed different trends, with some decreasing and some remaining unchanged. The import theoretical cost increased slightly, and the RMB - US dollar exchange rate also changed slightly [2]. Supply - In March, the port throughput was 161.3 million cubic meters, a 23.05% increase compared to February. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 18.37%. From April 21 - April 27, the expected number of arriving ships of coniferous logs at 18 ports decreased by 45% week - on - week, and the expected arrival volume decreased by 28% week - on - week [2][3]. Inventory - As of April 18, the log inventory was 351 million cubic meters, a decrease of 80,000 cubic meters compared to April 11. The inventory in Shandong and Jiangsu also decreased [2][3]. Demand - As of April 18, the daily average log outbound volume was 6.51 million cubic meters, a decrease of 0.65 million cubic meters compared to before, and the demand decreased week - on - week [3].