Group 1: Report Overview - The report is a daily log report from the Commodity Research Institute's Agricultural Products R & D department, dated August 21, 2025 [1][2] Group 2: Data Analysis Log and Timber Prices - Log prices at various ports (e.g., radiation pine and spruce at Rizhao and Taicang ports) and timber prices (e.g., radiation pine and white pine timber) remained stable with 0.00% daily and weekly changes [3] Futures Volume and Price - Futures contracts such as LG2509, LG2511, and LG2601 showed different price, volume, and持仓量 changes. For example, LG2509's closing price was 804.5 yuan/unit, down 1.0 yuan/unit from the previous day and 5.0% from the week [3] Group 3: Market Analysis Spot Market - Log spot prices remained stable. For instance, the price of 3.9 - meter medium - A radiation pine logs in Rizhao, Shandong was 750 yuan/cubic meter, unchanged from the previous day and week [5] Supply - From August 18 - 24, 2025, 9 New Zealand log ships were expected to arrive at 11 Chinese ports, a 13% increase from the previous week, with a total arrival volume of about 32.3 million cubic meters, a 29% increase [5] Demand - Stockpiling demand was released periodically. Traders and processors stocked up in advance based on the "Golden September and Silver October" expectation, but the capital availability rate of construction sites nationwide declined, leading to weak demand transmission [10] Group 4: Strategy - Unilateral: It is recommended to wait and see as the log market is generally stable and medium - to - long - term demand needs further observation [11] - Arbitrage: Wait and see [12] - Options: Wait and see [13] Group 5: Related Diagrams - The report includes diagrams showing log and timber prices, import log CFR prices, New Zealand log shipments to China, port log inventory structures, and provincial port inventories and out - bound volumes [16][19][29]

Group 1: Investment Rating - No investment rating information provided Group 2: Core View - The demand side is suppressed by the traditional off - season in May, the demand for real - estate building materials is lower than expected, the external market quotation continues to decline, the fundamental weak - balance pattern persists, the commodity market sentiment cools down, and the futures market is expected to return to a weak operation based on reality [3][4] Group 3: Summary by Directory Futures and Spot Prices - Futures prices of log contracts 2507, 2509, and 2511 decreased on May 13 compared to May 12, with declines of - 1.99%, - 1.54%, and - 1.04% respectively; spreads between different contracts also decreased; basis of each contract increased; most spot prices of different types of logs in ports remained unchanged, while the CFR price of 4 - meter medium A radiata pine decreased by - 3.51% [2] - The RMB - US dollar exchange rate decreased slightly, and the import theoretical cost decreased by - 4% [2] Supply - Monthly port freight volume in April increased by 24.17% compared to March, and the number of departing ships from New Zealand to China, Japan, and South Korea increased by 13.79% [2] - The expected arrival volume of 18 - port coniferous logs from May 12 - 18 decreased by 70% week - on - week [3] Inventory - Weekly major port inventories decreased by 80,000 cubic meters, and as of May 9, the total national coniferous log inventory was 3.43 million cubic meters [3] Demand - Weekly average daily log outbound volume decreased by 0.71 million cubic meters, and as of May 9, the average daily log outbound volume was 6.15 million cubic meters; demand in different regions decreased to varying degrees [3]