Core Viewpoint - Chow Tai Fook Investment Holdings Limited is providing significant support to ST Jinggu, including a 51% stake transfer of its subsidiary, Shanghai Boda Digital Technology Co., Ltd., to ST Jinggu without any payment or obligations, alongside a loan application of 60 million yuan to alleviate liquidity issues [2][3][4] Group 1: Historical Context - ST Jinggu's core subsidiary, Huiyin Wood Industry, which previously contributed 80-90% of its revenue, is currently facing operational challenges, with all nine bank accounts frozen and production lines halted due to multiple civil loan disputes [3][4] - The company has disclosed 26 legal cases with a total amount of 146 million yuan, representing 153.31% of the latest audited net assets attributable to shareholders [4] Group 2: Current Financial Situation - Chow Tai Fook Investment's actions aim to isolate Huiyin Wood Industry's debts and operational risks, while also committing to cover any actual losses incurred by ST Jinggu related to Huiyin Wood Industry until the completion of the stake transfer [4][5] - ST Jinggu is at risk of triggering delisting warnings due to a potential sharp decline in its main business scale after the divestment of Huiyin Wood Industry [4][5] Group 3: Future Prospects - Chow Tai Fook Investment is injecting computing power assets into ST Jinggu to establish a dual business model of "computing power + forestry," which is expected to enhance revenue generation [4][5] - Shanghai Boda Digital Technology Co., Ltd. was established on April 28 this year, with a registered capital of 300 million yuan, and will hold 51% of its shares post-transaction [5][6] Group 4: Financial Performance of Boda Digital - From May to July, Boda Digital reported revenues of 640.61 million yuan and a net profit of 220.07 million yuan, with a net asset value of 197 million yuan as of the end of July [5][6] - The company has signed a five-year contract with a single client, generating an average monthly revenue of over 600,000 yuan [6][7]

公司以科技为依托，追求优质、高产、高效、可持续发展。经营范围广泛，涵盖林产化工产品进出口、 生产，人造板制造，森林资源培育，木材采运、加工与销售，林业技术开发研究等，还涉及石油制品、 化工产品等销售，以及能源技术开发、商务信息咨询、货物与技术进出口、农产品相关服务、信息技术 服务等领域。 股份相关规定发行与转让：股份发行遵循公开、公平、公正原则，同股同权。公司或子公司原则上不得 为他人获取股份提供财务资助。公司公开发行股份前已发行股份及董事、高管等所持股份有转让限制。 增减与回购：可通过多种方式增减资本，在特定情形下可回购股份，并规定了相应决策程序及后续处理 方式。股权激励：可依法实施股权激励计划，对计划的拟定、审议、披露、实施等环节有严格规定，需 经股东会特别决议通过，且需聘请律师事务所出具法律意见书。 公司治理结构股东与股东会：股东按持股类别享有权利、承担义务，对股东会召集、提案、通知、召 开、表决及决议等程序有详细规定，明确了普通决议和特别决议的事项及通过比例。董事会：由7名董 事组成，对股东会负责，行使多项职权，包括召集股东会、执行决议、决定经营计划等。董事会需制定 董事会议事规则，明确对外投资等事项 ...

每经AI快讯，ST景谷（SH 600265，收盘价：26.7元）9月26日晚间发布公告称，公司第九届2025年第七 次董事会临时会议于2025年9月26日以通讯方式召开。会议审议了《关于修订 <董事会审计委员会工作 细则> 的议案》等文件。 2024年1至12月份，ST景谷的营业收入构成为：林业行业占比96.92%，其他业务占比3.08%。 （记者 曾健辉） 截至发稿，ST景谷市值为35亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ ...

Group 1 - The forestry sector experienced a rise of 3.3% on September 26, with Pingtan Development leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Pingtan Development's stock price increased by 6.08% to 3.49, with a trading volume of 2.3492 million shares and a transaction value of 81.7 million yuan [1] Group 2 - The net inflow of main funds in the forestry sector was 118 million yuan, while retail funds saw a net outflow of 83.65 million yuan [1] - Pingtan Development had a main fund net inflow of 136 million yuan, accounting for 16.59% of its total, while retail funds had a net outflow of 10.1 million yuan [2] - ST Jinggu experienced a significant net outflow of main funds at 17.85 million yuan, with retail funds showing a net inflow of 13.3 million yuan [2]

Group 1 - The core viewpoint of the news is that Guangxi Fenglin Wood Industry Group Co., Ltd. has been recognized as a benchmark enterprise in internal control practices among Chinese listed companies due to its systematic innovation and effectiveness in digital transformation of internal controls [1][2] - The case collection event attracted over 1,000 listed companies, with more than 300 submitting applications. After rigorous evaluations, only 133 companies were shortlisted, and 18 were selected for their outstanding innovative, effective, and replicable practices [1][2] - Fenglin Group stands out as an excellent representative of private foreign-funded enterprises, showcasing its strong capabilities in internal control management [1][2] Group 2 - The evaluation process was rigorous and authoritative, involving a professional review team formed by the China Listed Companies Association, the Ministry of Finance, and the China Securities Regulatory Commission, which established a scientific indicator system based on multiple dimensions [2] - Fenglin Group focuses on the internal control challenges of wood raw material procurement, utilizing a smart management system that integrates "Beidou positioning + three-dimensional measurement + big data collaboration" [2] - Under the strategic guidance of Chairman Liu Nian, Fenglin Group aims to become the most AI-savvy enterprise in the Chinese forest products industry, exploring deep applications of AI models and digital twins in internal control [2]

龙虎榜数据显示，该股因连续三个交易日内，收盘价涨幅偏离值累计达到12%的ST证券、*ST证券上榜 龙虎榜1次，买卖居前营业部中，营业部席位合计净买入1771.55万元。 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.09.25 | 4.99 | 1.00 | 429.88 | | 2025.09.24 | 5.00 | 2.23 | 657.21 | | 2025.09.23 | 4.94 | 1.63 | -318.37 | | 2025.09.22 | 0.00 | 0.40 | 11.43 | | 2025.09.19 | 2.12 | 0.56 | -166.08 | | 2025.09.18 | -1.70 | 0.48 | 0.61 | | 2025.09.17 | 1.28 | 0.35 | 197.76 | | 2025.09.16 | 2.07 | 0.55 | 217.38 | | 2025.09.15 | -0.94 | 0.41 | -17.42 | | 2025.09.12 | -2 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Iron ore is expected to fluctuate at a high level due to repeated expectations [2][4] - Rebar is expected to have wide - range fluctuations with a month - on - month improvement in apparent demand [2][7] - Hot - rolled coil is expected to have wide - range fluctuations due to sector sentiment resonance [2][8] - Ferrosilicon is expected to have wide - range fluctuations due to sector sentiment resonance [2][12] - Silicomanganese is expected to have wide - range fluctuations as overseas mining companies' quotation rises [2][12] - Coke is expected to have wide - range fluctuations due to repeated expectations [2][15] - Coking coal is expected to have wide - range fluctuations due to repeated expectations [2][16] - Logs are expected to fluctuate repeatedly [2][18] 3. Summaries Based on Related Catalogs Iron Ore - **Fundamental Data**: The closing price of futures was 805.5 yuan/ton, up 2 yuan or 0.25%. The open interest decreased by 9,319 lots. Imported ore prices decreased by 2 yuan/ton, and domestic ore prices remained stable. The basis and spreads changed slightly [4] - **Macro and Industry News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [4] - **Trend Intensity**: 0, indicating a neutral trend [4] Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar, the closing price of RB2601 was 3,167 yuan/ton, up 10 yuan or 0.32%, with a decrease in open interest. For hot - rolled coil, the closing price of HC2601 was 3,358 yuan/ton, up 8 yuan or 0.24%, with an increase in open interest. Spot prices were mostly stable, and basis and spreads changed [8] - **Macro and Industry News**: According to September 25 steel union weekly data, rebar production increased by 0.01 tons, hot - rolled coil production decreased by 2.3 tons. Rebar inventory decreased by 13.98 tons, and hot - rolled coil inventory increased by 2.51 tons. Apparent demand for rebar increased by 10.41 tons, and that for hot - rolled coil decreased by 0.14 tons. In mid - September, the social inventory of 5 major steel products in 21 cities increased. In August 2025, national steel production data showed different trends. Other news includes export and import data of steel products [9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [11] Ferrosilicon and Silicomanganese - **Fundamental Data**: For ferrosilicon, the closing price of SF2511 was 5,786 yuan/ton, up 44 yuan. For silicomanganese, the closing price of SM2511 was 5,924 yuan/ton, up 24 yuan. Spot prices, basis, and spreads changed [12] - **Macro and Industry News**: On September 25, ferrosilicon and silicomanganese prices in different regions were reported. Some steel mills' procurement prices and quantities were announced. In September, the operating rate of ferrosilicon enterprises in Inner Mongolia decreased, but production increased. New production capacity of silicomanganese is expected to increase. Overseas mining companies raised their quotations for November [12][14] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [14] Coke and Coking Coal - **Fundamental Data**: For coking coal, the closing price of JM2601 was 1,234.5 yuan/ton, up 10 yuan or 0.8%. For coke, the closing price of J2601 was 1,760 yuan/ton, up 30 yuan or 1.7%. Spot prices, basis, and spreads changed [16] - **Macro and Industry News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [16] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [17] Logs - **Fundamental Data**: The closing prices, trading volumes, and open interests of different contracts changed. Spot prices of various types of logs remained stable [19] - **Macro and Industry News**: On September 17, the US Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25% [21] - **Trend Intensity**: 0, indicating a neutral trend [21]

Group 1 - The forestry sector experienced a decline of 0.75% on September 25, with Pingtan Development leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the forestry sector showed varied performance, with ST Jinggu rising by 4.99% to a closing price of 26.70, while Pingtan Development fell by 3.24% to 3.29 [1] Group 2 - The net outflow of main funds in the forestry sector was 6.933 million yuan, while retail funds saw a net outflow of 1.525 million yuan, and speculative funds had a net inflow of 8.458 million yuan [1] - Detailed fund flow data indicates that Yong'an Forestry had a main fund net inflow of 1.0668 million yuan, but a retail net outflow of 1.0276 million yuan [2] - ST Jinggu experienced a main fund net outflow of 463,400 yuan, with speculative funds showing a net inflow of 774,700 yuan [2]

Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views - **Rubber Industry**: Supply is affected by rainy seasons and typhoons, and future supply expectations suppress raw material prices. Downstream tire factories' pre - holiday restocking is mostly completed, and inventory reduction has slowed. Demand is lackluster with sub - optimal sales performance. The 01 contract range is 15000 - 16500, and follow - up attention should be paid to the raw material output during the peak season in major producing areas [1]. - **Log Industry**: Logs are in an oscillatory pattern. With the approaching of the "Golden September and Silver October" season, attention should be paid to whether the shipment volume improves. In the short - term, the market is expected to oscillate within a range, and it is recommended to go long at low prices [3]. - **Glass and Soda Ash Industry**: Soda ash has a fundamental oversupply problem, and the inventory has shifted to the middle and lower reaches. In the medium - term, demand will continue the previous rigid pattern. It is recommended to hold short positions. Glass prices were driven up by rumors, and the spot market is expected to improve in the short - term, but the mid - stream inventory in some areas is high, and the long - term outlook depends on capacity clearance [4]. - **Polysilicon Industry**: The supply - side regulation is ineffective, and the industry has over - capacity. Downstream component inventory is high, and prices are unstable. Before the National Day holiday, polysilicon prices will oscillate within the range of 48,000 - 53,000 yuan/ton [5]. - **Industrial Silicon Industry**: From September to October, the supply of industrial silicon increases, and the balance turns loose. The price is expected to oscillate between 8000 - 9500 yuan/ton. Attention should be paid to the fourth - quarter production reduction rhythm of silicon material enterprises and Sichuan and Yunnan industrial silicon enterprises [6]. Summary by Directory Rubber Industry - **Spot Prices and Basis**: On September 24, the price of Yunnan Guofu full - latex increased by 100 yuan/ton to 14,800 yuan/ton, and the full - latex basis increased by 5 yuan/ton to - 820 yuan/ton [1]. - **Inter - month Spreads**: The 9 - 1 spread decreased by 55 yuan/ton to - 30 yuan/ton, the 1 - 5 spread increased by 35 yuan/ton to 75 yuan/ton, and the 5 - 9 spread increased by 20 yuan/ton to - 45 yuan/ton [1]. - **Fundamentals**: In July, Thailand's rubber production increased by 1.61%, Indonesia's by 12.09%, while India's and China's decreased. In August, domestic tire production increased by 9.10%, and exports decreased by 5.46% [1]. - **Inventory Changes**: The bonded area inventory decreased by 0.95%, and the Shanghai Futures Exchange's factory - warehouse futures inventory decreased by 3.07% [1]. Log Industry - **Futures and Spot Prices**: On September 25, the 2511 log contract closed at 803 yuan/cubic meter, down 2 yuan/cubic meter. The spot prices of major benchmark delivery products remained unchanged [3]. - **Cost and Import**: The import theoretical cost increased slightly, and the RMB - US dollar exchange rate was stable [3]. - **Supply and Demand**: As of September 19, the total national coniferous log inventory decreased by 100,000 cubic meters. The daily log shipment volume decreased by 3100 cubic meters as of September 12. This week, the number of expected arriving ships from New Zealand increased by 4, and the arrival volume increased by 126,000 cubic meters [3]. Glass and Soda Ash Industry - **Glass - related Prices and Spreads**: On September 26, the prices in North China, Central China, and South China increased slightly, and the prices of the 2505 and 2509 contracts increased by 3.35% and 2.52% respectively [4]. - **Soda Ash - related Prices and Spreads**: The prices in all regions remained unchanged, and the prices of the 2505 and 2509 contracts increased by 2.42% and 1.84% respectively [4]. - **Supply and Inventory**: Soda ash production and glass melting volume decreased slightly. Glass factory inventory and soda ash factory inventory decreased, while soda ash delivery warehouse inventory increased [4]. - **Real Estate Data**: New construction area increased by 0.09%, construction area decreased by 2.43%, completion area decreased by 0.03%, and sales area decreased by 6.50% [4]. Polysilicon Industry - **Spot Prices and Basis**: On September 24, the average price of N - type re - feed decreased by 0.28%, and the N - type material basis decreased by 53.14% [5]. - **Futures Prices and Inter - month Spreads**: The main contract price increased by 2.23%, and the spread between the current month and the first - continuous contract increased significantly [5]. - **Fundamentals**: Weekly polysilicon production decreased by 0.64%, and monthly production increased by 23.31%. Weekly silicon wafer production increased by 0.29%, and monthly production increased by 6.24% [5]. - **Inventory Changes**: Polysilicon inventory decreased by 6.85%, and silicon wafer inventory increased by 1.93% [5]. Industrial Silicon Industry - **Spot Prices and Basis**: On September 24, the prices of various types of industrial silicon remained mostly unchanged, and the basis of some types decreased [6]. - **Inter - month Spreads**: The spreads between some contracts changed slightly [6]. - **Fundamentals**: Monthly national industrial silicon production increased by 14.01%, and the export volume increased by 3.56%. The production of related industries such as organic silicon DMC and polysilicon increased [6]. - **Inventory Changes**: The inventory in Xinjiang decreased by 1.07%, and the social inventory increased by 0.74% [6].

9月24日上午，潍坊市人民政府新闻办公室召开"推深做实林长制 筑牢生态防线"新闻发布会。记者在会 上获悉，近年来，潍坊市以全面推行林长制为抓手，坚持扩绿、兴绿、护绿并举，统筹推进山水林田湖 草沙系统治理，扎实做好森林资源保护，积极探索森林质量提升新模式，不断提升森林资源保护水平， 实现了森林资源生态效益、经济效益、社会效益相统一。 持续深化林长制，推动实现"林长治"。积极推进林长制体系建设，健全完善责任体系，由市委书记、市 长担任市级总林长，明确各级林长8545名，安装林长制公示牌2542块，构建了较为完善的四级林长工作 体系。持续提升生态护林员管护队伍，共明确生态护林员1061名。扎实推动林长制改革向纵深发展，市 县两级林长落实定期巡林制度，探索推行"林长+检察长+生态警长"协作机制，组织做好林长制绩效评 价，常态化开展"林长尽责年""林长制宣传月"活动，推动林长制观念深入人心。 科学推进国土绿化，厚植绿色发展底色。深入落实《国务院办公厅关于科学绿化的指导意见》和省政府 关于科学绿化试点示范省建设的部署要求，认真开展造林空间适宜性调查评估，坚持因地制宜、适地适 绿，摸清全市造林地块底数，科学开展国土绿化，实 ...