证券之星消息，8月27日林业板块较上一交易日上涨2.67%，平潭发展领涨。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。林业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000592 | 平潭发展 | 3.87 | 9.94% | 154.55万 | 5.86 Z | | 600265 | ST景谷 | 21.75 | -3.12% | 1.61万 | 3520.83万 | | 002679 | 福建金森 | 9.81 | -3.63% | 12.25万 | 1.22亿 | | 000663 | 永安林业 | 6.64 | -5.28% | 28.97万 | 1.99 Z | 从资金流向上来看，当日林业板块主力资金净流入1.88亿元，游资资金净流出1.04亿元，散户资金净流出 8408.47万元。林业板块个股资金流向见下表： | 代码 | | | 名称 | | | | | --- | --- | --- | --- | ...

云南景谷林业股份有限公司 证券代码：600265 证券简称：ST 景谷 公告编号：2025-072 | 人造板产品（立方米） | | 59,682.70 | | | 105,801.81 | -43.59 | | --- | --- | --- | --- | --- | --- | --- | | 主要产品 林化产品（吨） | 2025 | 年 4-6 | 月 | 年 月 2024 4-6 | 188.64 | 变动比例（%） -100.00 | 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 云南景谷林业股份有限公司（以下简称"公司"）根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第3号——行业信息披露》 等规则要求，现将2025年第二季度主要经营数据（未经审计）披露如下： 一、主要产品产量及同比增减情况 二、主要产品销量及同比增减情况 | 主要产品 | 2025 | 年 4-6 | 月 | 2024 | 年 月 4-6 | 变动比例（%） | | --- | ...

ST景谷公告，2025年上半年营业收入1.23亿元，同比下降45.03%。归属于上市公司股东的净亏损1.24亿 元，上年同期净亏损819.59万元。报告期内公司不进行利润分配。 ...

1. Report Industry Investment Ratings - Cotton: Neutral [3] - Sugar: Neutral [6] - Pulp: Neutral [9] 2. Core Views - Cotton: The USDA in August significantly adjusted global cotton production and ending stocks, shifting the supply - demand pattern from loose to tight. However, the production adjustments for some countries may not be sufficient, and the realization of the production cut expectation is uncertain. In China, the commercial cotton inventory is at a historical low, and the new cotton is expected to increase in production. The quota policy has a limited impact on the market [2]. - Sugar: The estimated sugar production in Brazil's central - southern region has been lowered, which limits the decline of raw sugar prices. But Brazil is in the peak crushing season, and the northern hemisphere has an increasing production expectation. In China, the import volume is expected to increase, putting pressure on sugar prices [5][6]. - Pulp: In the first half of 2025, the import volume of wood pulp increased. There will be more pulp production capacity put into operation in the second half of the year. The port inventory is high, and the demand is weak. The overall pulp market lacks positive drivers [8]. 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract was 14,100 yuan/ton, down 20 yuan/ton (-0.14%) from the previous day [1]. - Spot: The Xinjiang arrival price of 3128B cotton was 15,235 yuan/ton, up 135 yuan/ton; the national average price was 15,334 yuan/ton, up 99 yuan/ton [1]. - Market Information: As of the week ending August 23, Brazil's cotton harvest progress was 60.3%, 11.4 percentage points higher than the previous week but 15.8% slower than the same period last year. As of August 25, India's weekly cotton market volume was 0.8 million tons, a 20% year - on - year decline [1]. Market Analysis - International: The USDA adjusted the global cotton balance sheet, but the production adjustment for some countries may not be in place, and the realization of the production cut expectation is uncertain. The US cotton balance sheet is expected to improve, supporting international cotton prices [2]. - Domestic: The "anti - involution" is over, and the Sino - US tariff truce is extended. The commercial cotton inventory is at a historical low, supporting cotton prices. The sliding - scale quota policy has limited impact on the market. The new cotton is expected to increase in production, and there will be hedging pressure during the new cotton listing period [2]. Strategy - Be neutral. Pay attention to the peak - season demand. If the demand improves, cotton prices may be strong before the new cotton is listed; otherwise, there will be pressure during the listing period [3]. Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract was 5,632 yuan/ton, down 56 yuan/ton (-0.98%) from the previous day [4]. - Spot: The spot price of sugar in Nanning, Guangxi was 5,950 yuan/ton, down 20 yuan/ton; in Kunming, Yunnan it was 5,860 yuan/ton, unchanged [4]. - Market Information: Conab predicted that Brazil's 2025/26 sugarcane production would be 668.8 million tons, a 1.2% year - on - year decrease. The harvest area increased by 1%, but the yield per unit decreased by 2.1% [4]. Market Analysis - International: The estimated sugar production in Brazil's central - southern region has been lowered, limiting the decline of raw sugar prices. Brazil is in the peak crushing season, and the northern hemisphere has an increasing production expectation, so raw sugar prices are expected to fluctuate [5]. - Domestic: The profit of out - of - quota sugar imports has been high for months, and the import volume in July increased significantly. The import supply in August - September is expected to increase, putting pressure on sugar prices [6]. Strategy - Be neutral. The negative impact of import expectations has been reflected in the market. Sugar prices are expected to fluctuate in the short term. In the medium term, due to low inventory and late - growing sugarcane, there may be a price increase in the fourth quarter [6]. Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract was 5,070 yuan/ton, down 66 yuan/ton (-1.29%) from the previous day [7]. - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,790 yuan/ton, unchanged; the price of Russian softwood pulp was 5,110 yuan/ton, down 40 yuan/ton [7]. - Market Information: The import wood pulp spot market had individual price fluctuations. The trading volume of imported softwood pulp did not improve significantly, and the cost was under pressure. Some prices of imported hardwood pulp increased, while the supply and demand of imported natural pulp and chemical mechanical pulp were weak [7]. Market Analysis - Supply: In the first half of 2025, the import volume of wood pulp increased, and more pulp production capacity will be put into operation in the second half of the year. The port inventory is high, and the supply pressure remains, with hardwood pulp being more abundant than softwood pulp [8]. - Demand: The pulp consumption in Europe and the US is weak, and the inventory pressure of global pulp mills is increasing. The domestic demand is weak, the finished paper inventory is high, and the paper mills' raw material procurement is cautious. The terminal demand improvement in the second half of the year is limited [8]. Strategy - Be neutral. The pulp market fundamentals have not improved significantly, and pulp prices are expected to continue to fluctuate at a low level in the short term [9].

Economic Overview - Cameroon, often referred to as "Africa in miniature," faces significant challenges in economic and social development due to international instability and terrorism threats [1] - The country has a diverse geography and rich natural resources, with a land area of over 470,000 square kilometers and a population exceeding 28 million [2] - Cameroon is known as the "granary of Central Africa," with fertile lands and a variety of agricultural products, including rubber, bananas, and palm oil [2] Resource Potential - The forest area in Cameroon covers 22.5 million hectares, accounting for approximately 46.3% of the country's land, with a timber reserve of 4 billion cubic meters [2] - The country has abundant water resources, with hydropower potential representing 3% of the world's total [3] - Major ports, such as Douala and Kribi, facilitate trade for neighboring landlocked countries [3] Historical Context - Cameroon has a complex colonial history that has led to divisions between English-speaking and French-speaking regions, resulting in ongoing social and political tensions [4] - The English-speaking regions, which make up about 20% of the population, have experienced significant unrest and conflict since 2017, leading to thousands of deaths and displacements [4] Economic Challenges - The rise of extremist groups like Boko Haram has severely impacted local communities and hindered development [5] - Fluctuations in international oil and gas prices have adversely affected Cameroon’s economy, with crude oil export revenues decreasing by 25.6% and liquefied natural gas revenues down by 33.3% year-on-year [5] Government Initiatives - The Cameroonian government is actively seeking economic transformation through a national development strategy for 2020-2030, focusing on manufacturing and agricultural modernization [6] - Key industrial projects are planned, including mining, aluminum production, and fertilizer manufacturing, to drive economic growth [6] - Infrastructure projects, such as the Kribi deep-water port expansion, aim to enhance the country's economic structure and facilitate the processing and export of raw materials [6] Political Landscape - The upcoming presidential election in October 2025 is anticipated to influence the political stability and economic trajectory of Cameroon, with the current president, Paul Biya, announcing his candidacy [7]

新华社北京8月27日电欧洲森林火灾信息系统最新数据显示，截至26日，欧盟地区今年野火过火面积已 达102.8万公顷，创2006年有相关记录以来的新高。 路透社说，这一数字甚至超过了2017年创下的欧盟地区全年过火面积纪录，当年过火面积近100万公 顷。 按法新社说法，欧洲森林火灾信息系统的统计不包括过火面积低于30公顷的野火。 欧洲森林火灾信息系统由欧盟委员会建立，负责向欧盟成员国和欧盟有关机构发布森林火警信息、评估 林火影响等。 依照该系统数据，今年欧盟成员国中野火过火面积排在前两位的是西班牙和葡萄牙，迄今过火面积分别 逾41万公顷和逾27万公顷，合计超欧盟总体数据的60%。排在第三位的是罗马尼亚，今年过火面积超过 12万公顷。 本月上旬至中旬，西班牙和葡萄牙所处的伊比利亚半岛遭遇持续热浪，野火肆虐范围迅速扩大。其中， 仅葡萄牙中部地区一起由雷击引发的林火过火面积就超过6.4万公顷，为该国有相关记录以来之最。 由于野火肆虐，这两国已有多人死亡，房屋和作物被毁，大量人员疏散，交通受干扰。葡萄牙8月一度 因野火风险高进入全国警戒状态。 截至26日，这两国仍有多处野火在燃，其中西班牙多达15处。 欧洲森林火灾信息 ...

Meeting Information - The first extraordinary general meeting of shareholders for the year 2025 will be held on September 18, 2025, at 15:00 [1] - The meeting will be conducted in a combined format of on-site voting and online voting [1] - The record date for shareholders to attend the meeting is September 15, 2025 [1] Meeting Location and Registration - The meeting will take place at the conference room of Fujian Yong'an Forestry (Group) Co., Ltd., located at 638 Nankeng Road, Yong'an City, Fujian Province [2] - Shareholders must register in person with required documents from September 15 to 16, 2025 [3] Agenda and Voting Procedures - The meeting will review proposals that have been approved by the company's board of directors [2] - Special voting procedures will be implemented for small and medium-sized investors [2] - Shareholders can participate in online voting through the Shenzhen Stock Exchange's trading system and internet voting system [4] Voting Details - The online voting will start at 15:00 on September 18, 2025, and will be available until the end of the meeting [4] - Specific procedures for online voting and identity verification are outlined in the attached documents [4][5]

Core Viewpoint - The People's Bank of China, in collaboration with the National Financial Regulatory Administration and the National Forestry and Grassland Administration, has issued a notice outlining 15 specific measures to enhance financial support for the high-quality development of the forestry sector, addressing the long production cycles and significant investment requirements in forestry [2]. Group 1: Financial Support Measures - The notice proposes to deepen the reform of collective forest rights and improve financial services [3]. - It encourages the expansion of the range of mortgaged forest rights to include young timber, bamboo forests, fruit trees, and other types of forestry [4]. - Financial institutions are urged to increase loan disbursements related to national reserve forests and explore diversified investment mechanisms [9]. Group 2: Financial Products and Services - The notice emphasizes the need for tailored financial products for various forestry management entities, such as family forest farms and cooperatives [10]. - It promotes the integration of production, supply, and sales in the forestry sector, providing differentiated financial services to meet the needs of the forestry industry [11]. - The development of a financial support system for ecological product value realization is highlighted, including methods for assessing the mortgage value of ecological products [12]. Group 3: Policy and Risk Management - The notice calls for the optimization of the policy support system and the establishment of a comprehensive risk management mechanism for forest rights mortgage loans [15][16]. - It encourages the use of monetary policy tools to support financing for forestry enterprises and the issuance of green bonds [15]. - The establishment of a credit promotion system involving financial institutions, guarantee agencies, and government departments is recommended to enhance the overall credit system [16].

Group 1: Glass and Soda Ash Report Industry Investment Rating No specific investment rating provided in the report. Report's Core View The impact of the coking coal event is gradually weakening, and the market has weakened again. Fundamentally, the weekly production has rebounded significantly, and the inventory continues to accumulate, with obvious oversupply under the current weekly production. In the medium term, after the photovoltaic installation rush in the second quarter, the growth of photovoltaic glass production capacity has slowed down, and the float glass production capacity has remained flat. The future supply - demand of soda ash still faces pressure, and there is no growth expectation for overall demand. For glass, the mid - stream's continuous shipment has pressured the spot price, and the market's negative feedback continues. It is recommended to hold short positions in soda ash and consider taking profit on high - level short positions in glass and waiting for new logical drivers [1]. Summary by Relevant Catalogs - **Price and Spread**: Glass and soda ash spot prices in most regions remained unchanged, while futures prices declined. For example, glass 2505 dropped 1.09% and soda ash 2505 fell 1.15% [1]. - **Supply**: The soda ash weekly production increased by 1.33% to 77.14 million tons, and the soda ash start - up rate rose to 88.48%. The float glass daily melting volume and photovoltaic daily melting volume remained unchanged [1]. - **Inventory**: Soda ash factory inventory and delivery warehouse inventory increased, with the delivery warehouse inventory rising by 6.37%. Glass factory's soda ash inventory days remained unchanged [1]. - **Real Estate Data**: Real estate new construction area, construction area, completion area, and sales area all showed different degrees of decline compared to the previous period [1]. Group 2: Logs Report Industry Investment Rating No specific investment rating provided in the report. Report's Core View The log futures fluctuated and closed higher yesterday. The current main contract has switched to the 2511 contract, and the market valuation fluctuates around the delivery cost and receiving value range. The fundamentals are expected to improve marginally in the future. The demand remains firm at the 60,000 - cubic - meter level, and the inventory continues to decline. It is expected that the September shipment will be similar to that in August. The futures price may fluctuate in the range of 800 - 850. It is recommended to mainly go long on the 01 contract at low prices [2]. Summary by Relevant Catalogs - **Futures and Spot Prices**: The 2511 log contract closed at 823 yuan per cubic meter, up 3 yuan. The spot prices of major benchmark delivery products remained unchanged, and the new round of foreign market quotes remained at 116 US dollars per JAS cubic meter [2]. - **Supply and Demand**: The inventory continued to decline last week, with the national coniferous log total inventory at 3.05 million cubic meters as of August 22. The demand increased slightly, with the daily average log outbound volume at 64,500 cubic meters. The number of expected arrival ships of New Zealand logs at 12 Chinese ports increased, with the arrival volume about 440,000 cubic meters [2]. Group 3: Industrial Silicon Report Industry Investment Rating No specific investment rating provided in the report. Report's Core View From the cost side, raw material prices are rising, and the electricity price in the southwest region will increase during the dry season, which will raise the cost center of industrial silicon. Although the current production of industrial silicon has increased month - on - month, there are also news of capacity clearance, and small furnaces may be shut down. In August, the supply and demand both increased, maintaining a tight balance. If some capacity is cleared in the long term, the supply pressure will be reduced. It is recommended to mainly try to go long at low prices [3]. Summary by Relevant Catalogs - **Price and Spread**: Spot prices of industrial silicon in various regions remained unchanged, while the basis increased. For example, the basis of East China's oxygen - containing SI5530 industrial silicon increased by 23.70% [3]. - **Production and Start - up Rate**: The national industrial silicon production increased by 3.23% to 338,300 tons, and the national start - up rate rose to 52.61%. However, the production and start - up rate in Xinjiang decreased, while those in Yunnan and Sichuan increased significantly [3]. - **Inventory**: The inventory in Xinjiang, Yunnan, and Sichuan increased slightly, while the social inventory decreased slightly by 0.37% [3]. Group 4: Polysilicon Report Industry Investment Rating No specific investment rating provided in the report. Report's Core View In August, the supply and demand of polysilicon both increased, but the supply growth rate was relatively large, and there was still pressure on inventory accumulation. Due to the previous sharp price increase above the full - cost level and the addition of two new delivery brands by the Guangzhou Futures Exchange, it is expected that the number of warehouse receipts will further increase. The price will mainly fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan per ton and the upper limit at 58,000 - 60,000 yuan per ton. It is recommended to mainly try to go long at low prices and consider buying put options to try short at high prices when the volatility is low [4]. Summary by Relevant Catalogs - **Price and Spread**: Spot prices of polysilicon and related products remained mostly unchanged, while the futures price of the main contract dropped 1.15%. The month - to - month spreads showed different degrees of change [4]. - **Supply and Demand**: The weekly and monthly polysilicon production increased, and the monthly polysilicon import volume increased by 47.48%, while the export volume decreased slightly. The silicon wafer production showed different trends in weekly and monthly data, and the demand increased slightly [4]. - **Inventory**: Polysilicon inventory increased by 2.89%, and silicon wafer inventory decreased by 12.07% [4]. Group 5: Natural Rubber Report Industry Investment Rating No specific investment rating provided in the report. Report's Core View Both internal and external rubber - producing areas are facing continuous rainy weather, resulting in lower - than - expected upstream supply and high raw material prices. In terms of demand, agents' purchase volume may still increase slightly at the end of the month, and downstream procurement is mainly for regular replenishment. The trading in the Beijing - Tianjin - Hebei region may slow down, and some mining and engineering operations in other regions may be suspended, which has a negative impact on the overall replacement demand. Affected by the Fed's dovish stance, the market sentiment is positive, driving up the rubber price, but the trading atmosphere in the spot market has cooled down, and tire factories are cautious about purchasing high - priced raw materials. It is expected that the rubber price will mainly fluctuate in a range, with the 01 contract ranging from 15,000 - 16,500. Pay attention to the raw material supply situation during the peak production season in the main producing areas and consider shorting at high prices if the raw material supply is smooth [5]. Summary by Relevant Catalogs - **Price and Spread**: The spot price of domestic full - latex rubber increased by 0.67%, and the basis increased. The price of Thai standard mixed rubber decreased by 0.34%. The month - to - month spreads also changed, such as the 9 - 1 spread increasing by 1.00% [5]. - **Production and Consumption**: Thailand, India, and China's rubber production in June increased to different degrees, while the current - month production decreased. The start - up rates of semi - steel and full - steel tires increased. The domestic tire production in July decreased by 8.16%, while the tire export volume increased by 10.51% [5]. - **Inventory**: The bonded area inventory and the natural rubber factory - warehouse futures inventory on the Shanghai Futures Exchange decreased, and the inbound and outbound rates of dry rubber in different trade modes in Qingdao also changed [5].

Core Viewpoint - The recent joint announcement by the People's Bank of China, the Financial Regulatory Administration, and the National Forestry and Grassland Administration aims to enhance financial support for the forestry sector, addressing long-standing issues of financing difficulties and costs, thereby facilitating the transformation of ecological product value into economic benefits [1][2]. Group 1: Financial Support Measures - The announcement includes 15 specific measures to inject financial resources into the forestry sector, making the path from "green mountains and clear waters" to "golden mountains and silver mountains" clearer and more feasible [1]. - Financial institutions are encouraged to consider the ecological value of forests, such as carbon absorption, rather than just physical assets for collateral [1][2]. - The introduction of carbon credit insurance for forestry management in areas prone to soil erosion, providing 13 million yuan in risk coverage for 389,000 acres, exemplifies innovative financial solutions [1]. Group 2: Policy Framework and Implementation - The policy aims to broaden the scope of collateral for loans, including young timber, bamboo, fruit trees, and other forestry products, thus encouraging more investment in forestry [2]. - It promotes the development of under-forest economies, focusing on industries such as forest mushrooms, medicinal plants, and forest tourism, to provide tailored credit services [2]. - The policy emphasizes the need for a robust supporting framework and management to ensure that "green assets" can be effectively converted into tangible economic benefits [2]. Group 3: Long-term Vision - The initiative is expected to activate dormant assets in the forestry sector, transforming ecological wealth into economic and social benefits for households [3]. - A virtuous cycle is anticipated where increased forestry investment leads to better environmental conditions, which in turn motivates further investment in forestry [2][3].