Core Viewpoint - Kangxin New Materials announced the public transfer of 60% equity in its subsidiary, Hubei Tianxin Wood Structure Housing Manufacturing Co., Ltd., with an assessed value of approximately 62.7 million yuan [2]. Group 1: Company Actions - The company will hold its 11th Board of Directors' 20th meeting on April 25, 2025, to approve the transfer of equity [2]. - Hubei Kangxin signed a property transaction contract with Hubei Ruicheng Cultural Tourism Co., Ltd., with the transaction price set at 60.59 million yuan [2]. - The equity transfer process will be completed in cooperation with the buyer [2]. Group 2: Valuation and Assessment - The initial assessed value of the 60% equity stake was 62.5756 million yuan, later adjusted to 62.7014 million yuan after expert review [2]. - The assessment report was completed and filed with the relevant authorities on June 9, 2025 [2].

1. Report Industry Investment Ratings No information is provided in the documents regarding industry investment ratings. 2. Core Views Glass and Soda Ash - The glass and soda ash futures markets continued to weaken yesterday. The soda ash market has an oversupply problem, and the inventory has transferred to the mid - downstream. There is no significant increase in downstream demand in the medium term. It is recommended to hold short positions. The glass spot market trading has become dull, and the industry needs capacity clearance to solve the oversupply problem. Track policies and the inventory - building performance of mid - downstream enterprises during the "Golden September and Silver October" [1]. Natural Rubber - Future supply increase expectations have weakened raw material prices, and the cost support has changed from strong to weak. The downstream tire factory's pre - holiday inventory replenishment is basically completed, and the de - stocking rhythm of natural rubber spot inventory has slowed down. Some enterprises may control production flexibly. Pay attention to the impact of typhoon weather on domestic production areas, and the 01 contract range is 15,000 - 16,500. Follow the raw material output in the main production areas during the peak season [3]. Logs - The log futures market fluctuated and closed flat. The inventory has decreased significantly, the demand has declined, and the supply is expected to increase. The market is in a volatile pattern. As the "Golden September and Silver October" approaches, pay attention to whether the shipment volume improves significantly during the seasonal peak season. It is recommended to go long at low prices [5]. Polysilicon - The polysilicon market continued to decline. Substantial support policies have not been implemented, and the industry's over - capacity pattern remains unchanged. The downstream component inventory is high, and prices are loosening. Follow national policies, the actual production start - up rate of polysilicon enterprises, and the inventory digestion progress of downstream photovoltaic component factories [6]. Industrial Silicon - From September to October, the supply of industrial silicon is increasing, and the market balance is gradually turning to looseness. The expected supply surplus is more obvious in October and narrows in November. The cost increase in the dry season in the southwest has boosted market sentiment. In the short term, the upward driving force of industrial silicon is insufficient, and the price may fluctuate between 8,000 - 9,500 yuan/ton. Pay attention to the production reduction rhythm of silicon material enterprises and industrial silicon enterprises in Sichuan and Yunnan in the fourth quarter [7]. 3. Summaries by Relevant Catalogs Glass and Soda Ash Prices and Spreads - Glass prices in North China, East China, Central China, and South China remained unchanged. Glass 2505 decreased by 1.28% to 1312, and Glass 2509 decreased by 0.64% to 1389. The 05 basis increased by 9.50% to - 162. Soda ash prices in North China, East China, Central China, and Northwest China remained unchanged. Soda ash 2505 decreased by 1.66% to 1361, and Soda ash 2509 decreased by 1.08% to 1423. The 05 basis increased by 27.38% to - 61 [1]. Supply - The soda ash operating rate decreased by 2.02% to 85.53%, and the weekly output decreased by 2.02% to 74.57 tons. The float glass daily melting volume decreased by 0.47% to 15.95 tons, and the photovoltaic daily melting volume remained unchanged at 89,290 tons [1]. Inventory - The glass factory inventory decreased by 1.10% to 6090.80 (unit not clear), the soda ash factory inventory decreased by 2.33% to 175.56 tons, and the soda ash delivery warehouse inventory increased by 10.69% to 61.49 tons. The glass factory's soda ash inventory days remained unchanged at 20.4 [1]. Real Estate Data - The year - on - year change of new construction area was - 0.09% (improved from - 0.19%), the construction area decreased by 2.43% to 0.05%, the completion area decreased by 0.03% to - 0.22%, and the sales area decreased by 6.50% to - 6.55% [1]. Natural Rubber Spot Prices and Basis - The price of Yunnan Guofu hand - made rubber remained unchanged at 14,700 yuan/ton, the full - latex basis increased by 9.84% to - 855 yuan/ton, the Thai standard mixed rubber price decreased by 0.34% to 14,800 yuan/ton, and the non - standard price difference increased by 5.23% to - 725 yuan/ton [3]. Month - to - Month Spreads - The 9 - 1 spread increased by 150.00% to 15 yuan/ton, the 1 - 5 spread increased by 14.29% to 40 yuan/ton, and the 5 - 9 spread decreased by 44.44% to - 25 yuan/ton [3]. Fundamental Data - In July, Thailand's production increased by 1.61% to 421.60 tons, Indonesia's production increased by 12.09% to 197.50 tons, India's production decreased by 2.17% to 45.00 tons, and China's production decreased by 1.27% to 101.30 tons. The weekly operating rate of semi - steel tires increased by 0.20% to 73.66%, and the weekly operating rate of full - steel tires increased by 0.07% to 65.66%. In August, domestic tire production increased by 9.10% to 10,295.40 million pieces, and tire exports decreased by 5.46% to 6,301.00 [3]. Inventory Changes - The bonded area inventory decreased by 0.95% to 286,639 (unit not clear), the natural rubber factory - warehouse futures inventory on the SHFE decreased by 3.07% to 44,553, the dry - rubber bonded warehouse inbound rate in Qingdao increased to 2.47, and the outbound rate decreased to 6.44 [3]. Logs Futures and Spot Prices - Log 2511 remained unchanged at 805 yuan/cubic meter, Log 2601 increased by 0.06% to 819 yuan/cubic meter, and Log 2603 decreased by 0.18% to 823.5 yuan/cubic meter. The prices of main benchmark delivery spot goods remained unchanged [5]. Cost - The RMB - US dollar exchange rate remained unchanged at 7.115, and the import theoretical cost increased by 0.10 to 797.53 [5]. Supply - The port shipping volume decreased by 3.87% to 166.6 million cubic meters, the number of ships from New Zealand to China, Japan, and South Korea decreased by 6.38% to 44. The inventory in China decreased by 3.31% to 292.00 million cubic meters, and the inventory in Shandong decreased by 3.50% to 176.60 million cubic meters [5]. Demand - The average daily outbound volume in China decreased by 5% to 5.98 million cubic meters, and the average daily outbound volume in Shandong decreased by 11% to 3.06 million cubic meters [5]. Polysilicon Spot Prices and Basis - The average price of N - type multi - feedstock remained unchanged at 52,650 yuan/ton, the average price of N - type granular silicon remained unchanged at 49,500 yuan/ton, and the N - type material basis increased by 43.98% to 2,390 yuan/ton [6]. Futures Prices and Month - to - Month Spreads - The main contract decreased by 1.43% to 50,260, the current - month - to - first - continuous spread decreased by 127.27% to - 45, and the first - continuous - to - second - continuous spread increased by 5.99% to - 2355 [6]. Fundamental Data - Weekly: The silicon wafer production increased by 0.29% to 13.92 GW, and the polysilicon production decreased by 0.64% to 3.10 tons. Monthly: The polysilicon production increased by 23.31% to 13.17 tons, the polysilicon import volume decreased by 9.63% to 0.10 tons, and the polysilicon export volume increased by 40.12% to 0.30 tons [6]. Inventory Changes - The polysilicon inventory decreased by 6.85% to 20.40 tons, and the silicon wafer inventory increased by 1.93% to 16.87 GW [6]. Industrial Silicon Spot Prices and Main - Contract Basis - The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 8500 yuan/ton, the basis increased by 4.55% to 575, the price of East China SI4210 industrial silicon remained unchanged at 9700 yuan/ton, and the basis increased by 50.00% to - 25 [7]. Month - to - Month Spreads - The 2510 - 2511 spread decreased by 75.00% to - 35, the 2511 - 2512 spread decreased by 1.27% to - 400, and the 2512 - 2601 spread increased by 133.33% to 35 [7]. Fundamental Data - Monthly: The national industrial silicon production increased by 14.01% to 38.57 tons, the Xinjiang industrial silicon production increased by 12.91% to 16.97 tons, and the Yunnan industrial silicon production increased by 41.19% to 5.81 tons. The national operating rate increased by 6.20% to 55.87%, the Xinjiang operating rate increased by 15.25% to 60.61%, and the Yunnan operating rate increased by 44.09% to 47.39% [7]. Inventory Changes - The Xinjiang factory - warehouse inventory decreased by 1.07% to 12.04 tons, the Yunnan factory - warehouse inventory increased by 5.45% to 3.10 tons, and the social inventory increased by 0.74% to 54.30 tons [7].

Summary of Key Points Core Viewpoint - The 20th China Forest Products Trade Fair achieved a total intended transaction amount and project investment of 3.819 billion yuan, reflecting significant changes in the timber industry driven by a green wave [2][6]. Group 1: Event Overview - The event, held from September 19 to 21 in Caoxian, attracted 126,900 visitors and resulted in an intended transaction amount of 1.639 billion yuan and project investment of 2.18 billion yuan [2]. - The fair has become a highly regarded and impactful professional exhibition in the forestry sector over the past 20 years [2]. Group 2: Product Innovations - A featured product, the negative ion functional board made from high-quality wood such as Russian birch and domestic cedar, was highlighted for its ability to release high concentrations of negative ions, improving indoor air quality [4]. - The board has been recognized as a recommended product at the fair, showcasing a model for sustainable building materials [4]. Group 3: Market Trends - The shift from merely selling timber to offering health-oriented solutions is evident, with companies focusing on ecological responsibility and consumer health [5][6]. - The pet economy was a notable highlight at the fair, with 24 local companies showcasing over 500 pet-related products, indicating a diversification in the timber industry's offerings [7][8]. Group 4: International Expansion - The fair attracted international buyers from 14 countries, facilitating the global reach of Chinese timber products [9]. - A procurement matching event resulted in over 80 companies participating, with an intended transaction amount exceeding 80 million yuan, indicating a strong interest in international collaboration [9].

Core Insights - Vietnam's total goods import and export value for the first half of September 2025 reached 39.05 billion USD, reflecting a month-on-month decrease of 3.25% [1] - The export value was 19.2 billion USD, down 4.3% month-on-month, primarily due to significant declines in four major product categories [1] - The import value was 19.85 billion USD, showing a month-on-month decrease of 2.21%, with declines concentrated in two main categories [1] Export Analysis - The decline in exports was driven by significant drops in textile and garment exports (335 million USD), footwear exports (250 million USD), mobile phones and components (120 million USD), and wood and wooden products (110 million USD) [1] - The data indicates a weakening external demand, particularly for labor-intensive products heavily reliant on large markets such as the US and Europe [1] - Foreign investment continues to play a dominant role in exports, accounting for 79.2% of total exports, highlighting a slow growth rate for domestic enterprises [1] Import Analysis - The decrease in imports was primarily focused on two categories: computers, electronic products, and components (210 million USD decrease), which, despite the largest drop, remained the highest import category; and machinery, tools, and components (120 million USD decrease) [1]

Core Viewpoint - Recently, a new individual business named Yuanling County Ruyi Wood Processing Business has been established, focusing on wood processing and related activities [1] Company Summary - The legal representative of the newly established business is Tian Minbao [1] - The registered capital of the business is 50,000 RMB [1] - The business scope includes licensed projects such as wood harvesting and transportation, which require approval from relevant authorities before operation [1] Industry Summary - General projects under the business scope include wood processing, wood purchasing, wood sales, labor services (excluding labor dispatch), loading and unloading, earth and stone engineering construction, machinery equipment leasing, machinery equipment sales, and rental services (excluding licensed rental services) [1] - The business is allowed to independently conduct operations based on its business license, except for projects that require approval [1]

Core Viewpoint - Yueyang Pingtian Packaging Co., Ltd. has been established with a registered capital of 2.2 million RMB, indicating a new player in the packaging industry [1] Company Summary - The legal representative of the company is Weng Gui [1] - The registered capital of the company is 2.2 million RMB [1] - The business scope includes packaging services, sales of packaging materials and products, wood procurement, wood processing, wood sales, processing of building wood and wood components, furniture manufacturing, furniture sales, manufacturing and sales of wooden containers, sales of building materials and decorative materials, and manufacturing of plastic products [1]

佐治亚州咨询公司Forisk Consulting创始人Brooks Mendell说道："美国生产商原本期望这些关税能带来 更高的价格涨幅，但结果却并非如此。从这个情况来看，显然是需求并不旺盛。" 8月份美国房屋开工数量降至自5月份以来的最低水平，原因是房屋建筑商因房屋库存仍大量积压而减少 了新建筑项目的建设。房屋建筑商信心的关键指标已连续 16 个月处于负值区间。美国全国住宅建筑商 协会拒绝发表评论，但表示木材"价格必须持续下跌足够长的时间，才能使供应商的平均成本在上涨之 后得以充分降低"。 智通财经APP获悉，今年早些时候，特朗普政府将加拿大软木木材的进口关税提高了两倍，其目的是支 撑国内价格并促进美国的生产。然而，结果却是价格大幅下跌，两国边境上的木材厂都在缩减生产规 模。用于建筑行业的这种主要商品的价格自 8 月达到峰值以来已下跌了 18%，目前处于七个月来的最 低点，原因是房屋建设活动低迷以及库存过剩。 这一下降表明，在高利率和成本上升导致消费者承受压力、信心受挫、对新房需求减少的当下，保护主 义措施往往无法完全保护，美国国内产业免受更广泛市场动态的影响。 加拿大软木木材的进口需缴纳反倾销和反补贴 ...

Group 1 - Mianyang Xinyangsen Timber Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zheng Yaxing [1] - The company's business scope includes licensed projects such as timber harvesting and transportation, and general projects like timber processing, acquisition, and sales [1] Group 2 - The company is involved in various activities including the processing of building timber and timber components, sales of forestry products, and comprehensive utilization of agricultural and forestry waste [1] - Additional services include the processing and utilization of crop straw, research and development of resource recycling technologies, and manufacturing of forestry machinery [1] - The company operates independently based on its business license, except for projects that require approval from relevant authorities [1]

Core Viewpoint - Recently, Dazhou Hongguanyuan Wood Industry Co., Ltd. was established with a registered capital of 50,000 RMB, indicating a new player in the wood processing and sales industry [1] Company Summary - The legal representative of the company is Wang Qingwen [1] - The company has a registered capital of 50,000 RMB [1] - The business scope includes various activities such as wood processing, wood acquisition, and sales, as well as construction materials and components processing [1] Industry Summary - The company operates in multiple sectors including wood processing, sales of building materials, and pest control services related to forestry [1] - Additional activities include the sale of hardware products, metal materials, daily necessities, and agricultural products [1] - The company is also involved in technical services, development, consulting, and the cultivation of vegetables, fruits, and traditional Chinese medicine [1]

Report 1: Glass and Soda Ash 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The overall sentiment of the commodity market has improved, and industrial products have stabilized and rebounded. Soda ash is driven by macro - sentiment, but its fundamental surplus problem persists. It is advisable to wait for a rebound and then go short. - Glass is sensitive to macro - atmosphere fluctuations, and the spot market has good transactions. However, the mid - term inventory in some areas is high, and the industry needs capacity clearance in the long - term. Short - term sentiment drives the market, and the follow - up should focus on policy implementation and peak - season demand [1]. 3. Summary by Relevant Catalogs - **Price and Spread**: - Glass: Prices in East China and Central China increased, with the 2505 and 2509 contracts rising slightly. The 05 - contract basis decreased. - Soda ash: Most regional spot prices remained unchanged, the 2505 contract fell slightly, and the 2509 contract rose. The 05 - contract basis increased [1]. - **Supply**: - Soda ash: The operating rate and weekly output increased. - Glass: The float - glass daily melting volume and photovoltaic daily melting volume increased slightly [1]. - **Inventory**: - Glass factory inventory decreased, and soda ash factory inventory decreased while the delivery - warehouse inventory increased [1]. - **Real Estate Data**: - New construction area increased slightly, construction area decreased, completion area decreased slightly, and sales area decreased significantly [1]. Report 2: Rubber 1. Report Industry Investment Rating No information provided. 2. Report's Core View The supply of natural rubber is stable with overseas raw materials rising and inventory decreasing. Demand has some changes with different tire enterprises' policies. The price is expected to be affected by macro factors in the short - term, and attention should be paid to raw - material output in the peak - season and the impact of La Nina [2]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The prices of Yunnan state - owned whole - latex rubber and Thai standard mixed rubber decreased, while the cup - rubber price increased. The basis of whole - latex rubber and non - standard price difference increased [2]. - **Monthly Spread**: - The 9 - 1 and 1 - 5 spreads decreased, and the 5 - 9 spread increased [2]. - **Fundamental Data**: - Production: The production of Thailand, Indonesia, and China in July had different changes. - Tire: The operating rates of semi - steel and full - steel tires increased, and domestic tire production increased in July, but tire exports decreased to zero. - Import: The import of natural rubber and synthetic rubber increased in July [2]. - **Inventory**: - The bonded - area inventory and factory - warehouse futures inventory of natural rubber decreased, and the warehouse - entry and exit rates of dry rubber in Qingdao changed [2]. Report 3: Logs 1. Report Industry Investment Rating No information provided. 2. Report's Core View The log price is currently stable supported by cost. The arrival volume is low, and the inventory is low, providing strong price support. Demand remains above 60,000 cubic meters, and it is recommended to go long at low prices. Attention should be paid to the improvement of shipment volume in the peak - season [4]. 3. Summary by Relevant Catalogs - **Futures and Spot Prices**: - Log futures prices increased slightly, and most spot prices remained unchanged. The basis of some contracts decreased [4]. - **Supply**: - The port shipment volume and the number of ships from New Zealand to China, Japan, and South Korea decreased [4]. - **Inventory**: - The inventory in major Chinese ports increased, with increases in Shandong and Jiangsu [4]. - **Demand**: - The daily average outbound volume increased slightly in China, Shandong, and Jiangsu [4]. Report 4: Polysilicon 1. Report Industry Investment Rating No information provided. 2. Report's Core View In the short - term, the market is more focused on the expectation of policy implementation in September, and the price is likely to rise. In September, the supply reduction is not obvious, and there may be a slight inventory accumulation. The price is more affected by policy expectations, and the risk is high. Attention should be paid to the self - discipline meeting of polysilicon enterprises [5]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The average price of N - type poly - feedstock increased slightly, and the N - type material basis increased significantly [5]. - **Futures Price and Monthly Spread**: - The main - contract price decreased, and the spreads between different contracts had different changes [5]. - **Fundamental Data**: - Weekly: Silicon wafer and polysilicon production increased. - Monthly: Polysilicon production, import, and export increased, and the net export decreased. Silicon wafer production, export, and net export increased, and the demand increased slightly [5]. - **Inventory**: - Polysilicon inventory increased, silicon wafer inventory decreased, and polysilicon warehouse receipts increased [5]. Report 5: Industrial Silicon 1. Report Industry Investment Rating No information provided. 2. Report's Core View The cost of industrial silicon is rising, and there is news of capacity clearance. The supply - demand relationship was in tight balance in August, and the supply pressure may decrease in the long - term. It is recommended to go long at low prices, but pay attention to inventory and warehouse - receipt pressure. The main price range is expected to be 8,000 - 9,500 yuan/ton [6]. 3. Summary by Relevant Catalogs - **Spot Price and Basis**: - The price of East China's oxygen - containing SI5530 industrial silicon increased, and the basis of some grades changed [6]. - **Monthly Spread**: - The spreads between different contracts had different changes [6]. - **Fundamental Data**: - Production: National and regional industrial silicon production increased, as well as organic silicon DMC and polysilicon production. The production of recycled aluminum alloy decreased. - Operating Rate: National and regional operating rates increased. - Export: Industrial silicon export volume increased [6]. - **Inventory**: - Inventories in Xinjiang, Yunnan, and the social inventory increased slightly, and the contract and non - contract inventories also had small increases [6].