Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Log spot prices have shown signs of bottoming out and rebounding recently, and the further downside space for futures prices is expected to be limited. However, the January FOB quotes still show a slight decline, and the log futures and spot markets lack upward driving factors. It is expected to fluctuate in the range of 760 - 790 yuan/m³ [5] Group 3: Summary by Related Catalogs Spot Price - In Shandong, for radiation pine, 3.9 - meter medium A is 740 yuan, 5.9 - meter medium A is 760 yuan, 3.9 - meter small A is 680 yuan, and 5.9 - meter small A is 710 yuan. In Jiangsu, 4 - meter medium A is 730 yuan, 6 - meter medium A is 780 yuan, 4 - meter small A is 670 yuan, and 6 - meter small A is 730 yuan [5] FOB Quote - The FOB quote for 4 - meter medium A radiation pine is in the range of 109 - 112 dollars/JAS m³ in January, compared to 109 - 113 dollars/JAS m³ in December, with a change of - J [5] Futures Price - The price of LG2605 contract is 790 yuan/m³, up from 789 yuan/m³ in the previous period. The price of LG2603 contract is 780.5 yuan/m³, up from 779.5 yuan/m³ in the previous period [5] Downstream Wood Square Price - In Shandong, the price of 4000*50*100 wood square is 1220 yuan, unchanged from the previous period. In Jiangsu, it is 1240 yuan, also unchanged [5] Supply - In December 2025, New Zealand's import volume was 178.8 (in 10,000 m³), North American timber was 9.3 (in 10,000 m³), and European timber was 15.5 (in 10,000 m³). The ship - arrival volume in the week of December 22 - 28 was 31 (in 10,000 JAS m³), down from 52 (in 10,000 JAS m³) in the week of December 15 - 21 [5] Inventory - On January 8, the total inventory was 269 (in 10,000 m³), with Shandong inventory at 229 (in 10,000 m³) and Jiangsu inventory at 48.4 (in 10,000 m³) [5] Demand - On January 8, the daily average outbound volume was 5.75 (in 10,000 m³), with Shandong's outbound volume at 2.79 (in 10,000 m³) and Jiangsu's at 2.35 (in 10,000 m³) [5]

Report Summary 1. Industry Investment Rating - The investment rating for the log industry is "Oscillating and Repeating" [1] 2. Core View - The report presents the latest fundamental data of logs, including price, trading volume, and open interest of different contracts, as well as the prices of various log products in the spot market. It also mentions a piece of macro - industry news about the Sino - US economic and trade talks [2][4] 3. Summary by Relevant Contents 3.1 Fundamental Data of Logs - **Futures Contracts**: The 2509 contract's closing price was 830 on July 29, 2025, with a daily decline of 0.1% and a weekly increase of 0.9%. Its trading volume decreased by 51.1% daily and 41% weekly, and the open interest decreased by 4.3% daily and 8% weekly. Similar data is provided for the 2511 and 2601 contracts [2] - **Spreads**: The spreads between different contracts, such as 2509 - 2511, 2509 - 2601, and 2511 - 2601, are presented. For example, the 2509 - 2511 spread was - 3 on July 29, 2025 [2] - **Spot Market**: The prices of various log products in the Shandong and Jiangsu markets are listed, including different lengths and specifications of radiata pine, spruce, K - wood, pulp, and wood squares. Most of the prices remained stable with a daily change of 0.0%, but there were some weekly changes, such as a 4.0% weekly increase in the 5.9 - meter 30 + radiata pine in the Jiangsu market [2] 3.2 Macro and Industry News - On July 28, 2025, the economic and trade teams of China and the United States held economic and trade talks in Stockholm, Sweden [4] 3.3 Trend Intensity - The trend intensity of logs is 1, indicating a neutral - to - slightly - strong trend [4]