Core Viewpoint - The company, Kangxin New Materials (600076.SH), has not exported products to EU countries in the past two years [1] Company Summary - Kangxin New Materials confirmed on an investor interaction platform that it has not engaged in product exports to EU countries over the last two years [1]

天眼查App显示，近日，龙山县盛源木业有限公司成立，法定代表人为梁莉莉，注册资本10万人民币， 经营范围为许可项目：木材采运（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以批准文件或许可证件为准）一般项目：木材加工;木材销售;木材收购;建筑用木料及木材组件加 工;建筑装饰材料销售;建筑材料销售;茶具销售;工艺美术品及收藏品零售（象牙及其制品除外）;工艺美 术品及礼仪用品销售（象牙及其制品除外）;家具制造;家具销售;互联网销售（除销售需要许可的商品） （除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经营活动）。 ...

天眼查App显示，近日，岳西县更新木业有限公司成立，法定代表人为殷兴军，注册资本20万人民币， 经营范围为一般项目：木材加工；日用木制品制造；日用木制品销售；软木制品制造；软木制品销售； 农作物秸秆处理及加工利用服务；林业有害生物防治服务；森林经营和管护；竹制品制造；竹制品销 售；地板制造；木材收购；竹材采运；生物质燃料加工；生物质成型燃料销售；木材销售；地板销售 （除许可业务外，可自主依法经营法律法规非禁止或限制的项目）许可项目：木材采运（依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Group 1 - The establishment of Langfeng Wood Industry Co., Ltd. in Dangshan County has been registered with a legal representative named Hou Jianzhi and a registered capital of 1 million RMB [1] - The company's business scope includes general projects such as wood processing, bamboo and wood chip processing, artificial board manufacturing, and sales of various wood products [1] - The company is also involved in the production of plywood products, which requires approval from relevant authorities before commencing operations [1]

天眼查App显示，近日，辛集市森宏木业有限公司成立，法定代表人为冯少闯，注册资本10万人民币， 经营范围为一般项目：木材加工;木材收购;木材销售;人造板销售;软木制品制造;软木制品销售;日用木制 品制造;门窗制造加工;家具销售;纸制品销售;建筑材料销售;家居用品销售;运输货物打包服务;五金产品批 发;通用设备修理;室内木门窗安装服务;普通机械设备安装服务（除依法须经批准的项目外，凭营业执照 依法自主开展经营活动）许可项目：道路货物运输（不含危险货物）（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

天眼查App显示，近日，腾冲市发啟木材店（个体工商户）成立，法定代表人为番发啟，注册资本40万 人民币，经营范围为一般项目：木材销售；木材加工；木材收购。（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动）许可项目：木材采运。（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - In the context of a weak supply - demand pattern, the log futures market is expected to continue its weak and volatile operation. The supply of logs is expected to increase this week, and the spot price is declining, putting pressure on the market. However, the current futures price is relatively low, and the significant inversion between domestic and foreign prices provides some support from import costs, limiting the downside space of the futures price [2][3] 3. Summary According to Relevant Catalogs 3.1 Futures and Spot Prices - **Futures Prices**: On November 12, 2025, the prices of log futures contracts showed minor fluctuations. For example, the price of log 2601 was 778.5 yuan/cubic meter, up 2 yuan/cubic meter from the previous day, with a daily increase of 0.26%. The price of log 2603 was 792.5 yuan/cubic meter, up 1 yuan/cubic meter, with a daily increase of 0.13%. The price of log 2605 was 812 yuan/cubic meter, up 1.5 yuan/cubic meter, with a daily increase of 0.19%. The price of log 2511 remained unchanged at 740 yuan/cubic meter [1] - **Spot Prices**: The spot prices of various types of logs in ports such as Rizhao and Taicang remained stable on November 12, 2025, with no price changes compared to the previous day. For instance, the price of 3.9A small - sized radiata pine in Rizhao Port was 700 yuan/cubic meter, and the price of 4A small - sized radiata pine in Taicang Port was 710 yuan/cubic meter [1] - **Foreign Quotes**: As of November 14 and November 7, the CFR prices of radiata pine 4 - meter medium A and spruce 11.8 - meter remained unchanged at 116 US dollars/JAS cubic meter and 126 euros/JAS cubic meter respectively [1] - **Cost Calculation**: On November 12, 2025, the RMB - US dollar exchange rate was 7.121 yuan, down 0.003 from the previous day, with a decrease of 0%. The import theoretical cost was 811.82 yuan, down 0.34 yuan from the previous day, with a decrease of 0% [1] 3.2 Supply - **Monthly Supply**: In October 2025, the port throughput was 201.3 million cubic meters, an increase of 24.7 million cubic meters from September, with a growth rate of 13.99%. The number of ships arriving at the port from New Zealand to China, Japan, and South Korea increased from 46 to 54, with a growth rate of 17.39% [1] - **Weekly Forecast**: From November 10 - 16, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 12, a decrease of 4 from the previous week, with a week - on - week decrease of 25%. The total arrival volume was about 39.5 million cubic meters, a decrease of 13.6 million cubic meters from the previous week, with a week - on - week decrease of 26% [2] 3.3 Inventory - **Weekly Inventory**: As of November 7, 2025, the total inventory of logs in major Chinese ports was 293 million cubic meters, an increase of 5 million cubic meters from October 31, with a growth rate of 1.74%. In Shandong, the inventory was 191.5 million cubic meters, an increase of 3.2 million cubic meters, with a growth rate of 1.70%. In Jiangsu, the inventory was 82.45 million cubic meters, an increase of 0.2 million cubic meters, with a growth rate of 0.24% [1][2] 3.4 Demand - **Weekly Demand**: As of November 7, 2025, the daily average log出库 volume in China was 6.63 million cubic meters, an increase of 0.35 million cubic meters from October 31, with a growth rate of 6%. In Shandong, it was 3.79 million cubic meters, an increase of 0.6 million cubic meters, with a growth rate of 19%. In Jiangsu, it was 2.28 million cubic meters, a decrease of 0.15 million cubic meters, with a decrease rate of - 6% [2]

天眼查App显示，近日，达州森柏鸿木业有限公司成立，法定代表人为谭永才，注册资本88万人民币， 经营范围为一般项目：木材销售；木材收购；人造板销售；日用木制品销售；家居用品销售；建筑装饰 材料销售；建筑材料销售；轻质建筑材料销售；林业产品销售；消防器材销售。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）许可项目：木材采运。（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）（涉及国家规定实施准 入特别管理措施的除外）。 ...

Core Insights - Suzhou Junshan Wood Industry Co., Ltd. has been established with a registered capital of 1 million RMB and is represented by Lu Jinxue [1] Company Overview - The company is involved in various business activities including construction engineering, wood processing, wood sales, furniture manufacturing, and internet sales [1] - The company’s operations include both licensed projects, which require approval from relevant authorities, and general projects that can be conducted independently [1] Business Scope - The licensed projects include construction engineering and design, which are subject to regulatory approval [1] - General projects encompass a wide range of activities such as: - Wood processing and sales - Furniture manufacturing and sales - Daily-use wooden products and home goods manufacturing [1] - Sales of building materials and components [1] - Landscaping engineering [1] - Import and export of goods and technology [1]

Core Viewpoint - The establishment of the Miluo City Longyan Wood Processing Center indicates growth in the wood processing industry, with a focus on various wood-related activities and biomass fuel processing [1] Company Summary - The Miluo City Longyan Wood Processing Center is registered with a capital of 200,000 RMB [1] - The legal representative of the center is Zhan Miao [1] - The center's business scope includes wood processing, sales, and acquisition, as well as biomass fuel processing and sales [1] Industry Summary - The center engages in a variety of activities such as the processing of building materials, wood components, and bamboo wood chips [1] - It also includes auxiliary forestry activities, unloading and handling, and sales of wood processing machinery [1] - The center is authorized to operate independently within the scope of its business license, excluding projects that require approval [1]