Core Viewpoint - Xinjiang Uygur Autonomous Region has made significant progress in ecological civilization construction since the 14th Five-Year Plan, implementing a comprehensive forest chief system to enhance forestry and grassland governance, and creating a robust ecological security barrier around the Taklamakan Desert [3][7][18] Group 1: Forest Chief System Implementation - The establishment of a five-level forest chief system has been accelerated since 2021, with over 30,000 forest chiefs appointed by the end of 2024 [7] - The system includes coordination mechanisms such as "forest chief + river (lake) chief" and "forest chief + prosecutor" to enhance resource protection [7] - Xinjiang has received excellent ratings in national forest chief assessments for three consecutive years from 2022 to 2024 [7] Group 2: Ecological Restoration and Green Development - The "Three-North" project has achieved the construction of 12.95 million acres of ecological barriers, promoting the integration of ecological protection with rural revitalization and renewable energy industries [12][18] - The region has seen a shift from "protecting green" to "increasing green," with significant investments in afforestation and ecological restoration projects [12][18] - The introduction of innovative practices, such as the "land-based forestry" initiative, has improved funding for forest management and enhanced local economic development [16] Group 3: Local Initiatives and Community Involvement - Various counties have developed unique ecological industries, such as the apple plantation in Zepu County, which integrates ecological restoration with economic benefits [14] - Community participation in afforestation and sand control has been encouraged, leading to successful projects like the establishment of sand control teams and the promotion of ecological sand industries [11][15] - The transformation of desert areas into productive landscapes has improved local livelihoods and biodiversity, with significant increases in wildlife populations [17][18]

Group 1 - Fujian Jinsen's stock price increased by 5.12% on November 14, reaching 15.80 CNY per share, with a trading volume of 463 million CNY and a turnover rate of 13.17%, resulting in a total market capitalization of 3.725 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 11.58% during this period [1] - Fujian Jinsen Forestry Co., Ltd. was established on April 18, 1996, and listed on June 5, 2012, focusing on forest cultivation, management, and timber production and sales [1] Group 2 - The main revenue sources for Fujian Jinsen include: 53.80% from small-diameter fir, 20.72% from fir logs, 7.31% from small-diameter pine, and 4.88% from pine logs, among others [1] - The top circulating shareholder is a fund under CITIC Prudential, which entered the top ten shareholders in the third quarter, holding 850,700 shares, representing 0.36% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 655,000 CNY today and 1.3271 million CNY during the three-day increase [2] Group 3 - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A, managed by Wang Ying, has a total asset size of 4.904 billion CNY, with a best return of 53.77% and a worst return of -8.42% during Wang's tenure of 8 years and 274 days [3]

Report Overview - Date: November 14, 2025 - Institution: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - The report analyzes various black series commodities including iron ore, rebar, hot - rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs, providing views on their market trends such as price movements and supply - demand situations [2]. 3. Summary by Commodity Iron Ore - **Trend**: Accumulated inventory pressure materialized, prices declined from high levels [2][4] - **Fundamentals**: Futures price was 774.0 yuan/ton, up 1.44% (11.0 yuan/ton); Open interest decreased by 29,119 hands to 501,233 hands. Imported ore prices rose slightly, and the basis between futures and some spot decreased [4] - **News**: On November 12, local time, US President Trump signed a federal government temporary appropriation bill, ending a 43 - day government shutdown [4] - **Trend Intensity**: 0 (neutral) [4] Rebar and Hot - Rolled Coils - **Trend**: Decline in apparent demand data narrowed, prices fluctuated widely [2][6] - **Fundamentals**: Rebar RB2601 closed at 3,046 yuan/ton, up 0.23% (7 yuan/ton); Hot - rolled coil HC2601 closed at 3,254 yuan/ton, down 0.12% (4 yuan/ton). Open interest of both decreased [6] - **News**: On November 13, steel output, inventory, and apparent demand data were released. In early November 2025, key steel enterprises' steel inventory, production data, and China's steel import and export data were also reported [7][8] - **Trend Intensity**: 0 (neutral) [9] Ferrosilicon and Silicomanganese - **Trend**: Cost provided bottom support, prices fluctuated widely [2][10] - **Fundamentals**: Futures prices of different contracts had small changes. Spot prices of ferrosilicon and silicomanganese were stable, and some raw material prices changed slightly. Basis and spreads also changed [10] - **News**: New silicon - iron furnaces were put into production, and steel mills' tender information for ferrosilicon and silicomanganese was released. NMT announced the manganese ore shipping price for December 2025 [10][11][12][13] - **Trend Intensity**: 0 (neutral) [13] Coke and Coking Coal - **Trend**: Coke followed the market downward; Coking coal's supply expectation was volatile, and valuation declined [2][14][15] - **Fundamentals**: Futures prices of coke and coking coal decreased slightly. Spot prices of most coking coal and coke varieties were stable, and the basis and spreads changed [15] - **News**: The National Development and Reform Commission organized an energy supply meeting for the 2025 - 2026 heating season [16] - **Trend Intensity**: - 1 (weakly bearish) [16] Logs - **Trend**: Prices fluctuated repeatedly [2][17] - **Fundamentals**: Futures prices of different log contracts had small changes, trading volume of some contracts increased significantly, and open interest had different trends. Spot prices were mostly stable [18] - **News**: Customs总署 decided to lift the suspension of US log imports from November 10, 2025 [20] - **Trend Intensity**: 0 (neutral) [20]

Group 1 - The article highlights the growing divide between federal and local attitudes in the U.S. towards China, with state officials actively seeking business opportunities in China despite federal tensions [2] - California Governor Gavin Newsom led a trade mission to China in October 2023, discussing climate change, economic development, and signing agreements in clean energy, emphasizing California's significant trade relationship with China, which exceeded $150 billion in 2023 [4][5] - Oregon Senate President Rob Wagner also undertook a trade mission in October 2025, focusing on sustainable agriculture and technology, with Oregon's exports to China reaching $7.84 billion in 2023, a 29% increase from the previous year [7][9] - Washington State's Commerce Director Lisa Brown participated in the China International Import Expo in November 2025, highlighting the state's reliance on Chinese orders for its aerospace industry, with exports to China around $20 billion in 2023 [9][10] Group 2 - The article notes that nearly one million jobs in the U.S. are dependent on trade with China, prompting local officials to take proactive measures to stabilize trade relationships amid federal policy fluctuations [10] - The actions of California, Oregon, and Washington reflect a broader trend among U.S. states to engage directly with China, showcasing a form of economic self-help and local diplomacy [10]

Core Viewpoint - Recently, the establishment of Pu'er Xinghua Sandalwood Co., Ltd. has been registered, indicating a new player in the forestry and traditional fragrance industry [1] Company Summary - The legal representative of the company is Yin Xingwei, and it has a registered capital of 100,000 RMB [1] - The company's business scope includes the sale of forestry products, operation of traditional fragrance products, manufacturing of arts and crafts and ceremonial supplies (excluding ivory and its products), and various technical services [1] - The company is also involved in the initial processing of non-edible forest products, manufacturing and sales of daily chemical products, sales of agricultural and sideline products, initial processing of edible agricultural products, and acquisition of primary agricultural products [1]

Core Insights - The forestry sector experienced a significant increase of 7.4% on November 13, with Pingtan Development leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Sector Performance - Pingtan Development (000592) closed at 9.89, with a rise of 10.01% and a trading volume of 6.25 million shares, amounting to a transaction value of 589.2 million yuan [1] - Fujian Jinsen (002679) closed at 15.03, increasing by 4.09% with a trading volume of 444,900 shares and a transaction value of 681 million yuan [1] - Yong'an Forestry (000663) closed at 7.89, up 2.33% with a trading volume of 268,600 shares and a transaction value of 211 million yuan [1] - ST Jinggu (600265) closed at 20.29, down 0.78% with a trading volume of 5,266 shares and a transaction value of 10.72 million yuan [1] Capital Flow - The forestry sector saw a net inflow of 90.79 million yuan from main funds, while retail funds experienced a net outflow of 19.36 million yuan [1] - Pingtan Development had a main fund net inflow of 90.60 million yuan, but retail funds saw a net outflow of 35.20 million yuan [2] - Fujian Jinsen recorded a main fund net inflow of 8.16 million yuan, with retail funds showing a net inflow of 0.43 million yuan [2] - Yong'an Forestry experienced a main fund net outflow of 3.17 million yuan, while retail funds had a net inflow of 10.04 million yuan [2] - ST Jinggu had a significant main fund net outflow of 4.80 million yuan, but retail funds saw a net inflow of 1.47 million yuan [2]

1. Report Industry Investment Ratings No industry - wide investment ratings are provided in the report. 2. Core Views - Iron ore is expected to experience a high - level decline as the inventory accumulation pressure is realized [2][4]. - Rebar, hot - rolled coil, ferrosilicon, and silicomanganese are all expected to have wide - range fluctuations. Cost provides bottom support for ferrosilicon and silicomanganese [2][6][7][11]. - Coke is expected to follow the market downward adjustment [2][15]. - Coking coal's supply expectations are volatile, leading to a decline in valuation [2][16]. - Logs are expected to have repeated fluctuations [2][18]. 3. Summary by Commodity Iron Ore - **Fundamentals**: The futures price closed at 774.0 yuan/ton, up 11.0 yuan/ton or 1.44%. The open interest decreased by 29,119 lots. Imported and some domestic ore prices rose slightly, while some domestic ore prices remained unchanged. The basis and spreads showed different changes [4]. - **News**: Deputy Premier Liu Guozhong will attend the commissioning ceremony of the Simandou Iron Ore Project in Guinea [4]. - **Trend Intensity**: 0, indicating a neutral trend [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: For rebar RB2601, the closing price was 3,038 yuan/ton, up 4 yuan or 0.13%. For hot - rolled coil HC2601, the closing price was 3,255 yuan/ton, up 7 yuan or 0.22%. Open interest decreased for both. Spot prices were mostly stable, with some hot - rolled coil prices rising slightly. Basis and spreads changed accordingly [7]. - **News**: In October 2025, China's steel imports decreased. Steel production, inventory, and apparent consumption data in November showed different trends. The government supported commercial real estate REITs issuance. In September, steel exports increased while imports decreased [8][9]. - **Trend Intensity**: 0 for both, indicating a neutral trend [9]. Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese showed different changes. Spot prices of ferrosilicon and silicomanganese decreased. Various spreads also had corresponding changes [11]. - **News**: A new silicon - iron furnace was put into production. There were price quotes and tender information for ferrosilicon and silicomanganese. From January to October 2025, the national silicomanganese production was 903.96 million tons, with Inner Mongolia accounting for 48.5%. New production capacity is expected to be added from the end of 2025 to the first three quarters of 2026 [11][12][13]. - **Trend Intensity**: 0 for both, indicating a neutral trend [14]. Coke and Coking Coal - **Fundamentals**: Futures prices of coking coal JM2601 and coke J2601 rose slightly. Open interest decreased. Spot prices of coking coal and coke were mostly stable, with some coking coal prices rising. Basis and spreads changed [16]. - **News**: The National Development and Reform Commission organized an energy supply guarantee meeting for the heating season [16]. - **Trend Intensity**: - 1 for both, indicating a bearish trend [17]. Logs - **Fundamentals**: Log futures prices, trading volumes, and open interests showed different trends, with small daily and weekly changes. Spot prices of most log varieties remained stable [19]. - **News**: China lifted the suspension of importing US logs [21]. - **Trend Intensity**: 0, indicating a neutral trend [21].

Core Viewpoint - Fujian Jinsen (SZ002679) experienced a significant stock price increase, reaching a limit up of 14.93 yuan, with an 8.52% rise, attributed to strong revenue growth, carbon sink business expansion, and governance optimization [2]. Group 1: Revenue Growth - In the first half of 2025, the company's revenue surged by 60.57% year-on-year to 50.238 million yuan, indicating a recovery in its main business despite still being in a loss position [2]. - The net profit loss narrowed by 48.47% year-on-year, reflecting improved operational efficiency [2]. - Other income increased by 1238.1% year-on-year, supported by enhanced government assistance, which likely contributed to the stock price increase [2]. Group 2: Carbon Sink Business - The company is undergoing a business transformation, with carbon sink business revenue growing by 317.94% [2]. - Increased investment in biomass pellet projects aligns with the global emphasis on environmental protection and sustainable development, suggesting significant market potential in the carbon sink sector [2]. Group 3: Governance Optimization - The company is advancing governance structure reforms, including the cancellation of the supervisory board and strengthening the audit committee's functions, aimed at improving decision-making efficiency [2]. - Multiple announcements regarding the revision of company bylaws and procedural rules indicate a rapid progression towards standardized governance, which is beneficial for long-term stability [2]. Group 4: Market Sentiment and Technical Analysis - Although specific technical information is not available, recent fund flows indicate institutional net buying on November 4, followed by net selling on November 6, suggesting high market interest in the company's stock [2]. - The performance of the forestry II sector and the trends of similar concept stocks may have also contributed to Fujian Jinsen's stock price surge [2].

Group 1 - Fujian Jinsen Forestry Co., Ltd. experienced a stock price increase of 5.61%, reaching 15.25 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 5.75%, resulting in a total market capitalization of 3.595 billion CNY [1] - The company, established on April 18, 1996, and listed on June 5, 2012, is primarily engaged in forest cultivation, management, and timber production and sales [1] - The main revenue sources for Fujian Jinsen include: 53.80% from small diameter fir, 20.72% from fir logs, 7.31% from small diameter pine, and 4.88% from pine logs, among others [1] Group 2 - CITIC Prudential Fund's multi-strategy mixed fund (LOF) A (165531) entered the top ten circulating shareholders of Fujian Jinsen, holding 850,700 shares, which is 0.36% of the circulating shares, with an estimated floating profit of approximately 689,100 CNY [2] - The fund was established on June 16, 2017, with a current size of 1.133 billion CNY, achieving a year-to-date return of 47.96% and a one-year return of 46.38% [2] Group 3 - The fund manager of CITIC Prudential multi-strategy mixed fund (LOF) A is Wang Ying, who has been in the position for 8 years and 273 days, managing a total fund size of 4.904 billion CNY [3] - During Wang Ying's tenure, the best fund return was 54.86%, while the worst return was -8.42% [3]

Core Insights - The Chinese government aims to optimize and enhance traditional industries such as bamboo and wood cultivation and processing during the 14th Five-Year Plan period, promoting the iteration and upgrading of the forestry and grassland industry [1] - The total output value of the national forestry and grassland industry is projected to reach 10.17 trillion yuan in 2024, with a year-on-year growth of 9.6%, and the trade value of forest products is expected to reach 181.7 billion USD [1] - The forestry industry is becoming a significant pillar of the economy, with key sectors like bamboo processing, economic forests, eco-tourism, and under-forest economy each generating over 1 trillion yuan annually [1] Industry Development - The forestry and grassland industry is recognized as a green and prosperous industry with substantial economic development potential, contributing to ecological protection, industrial growth, and rural revitalization [4][6] - The implementation of comprehensive reform pilot projects in various provinces, such as Guangxi and Fujian, is aimed at enhancing the efficiency and productivity of forestry resources [5][2] - The integration of various sectors, including "forest + tourism," "forest + health," and "forest + finance," is being promoted to leverage unique resource advantages and stimulate economic growth [2][5] Regional Highlights - Fujian province, with the highest forest coverage rate in China, is expected to achieve a forestry industry output value of 812.1 billion yuan in 2024, leading the nation [2] - Guangxi province is set to become the first province in China with a forestry and grassland industry output value exceeding 1 trillion yuan, with significant contributions to local farmers' income [5] - Jiangxi province is focusing on comprehensive development and utilization of forest resources, with a projected forestry industry output value of 4.3 billion yuan in 2024 [5] Future Initiatives - The National Forestry and Grassland Administration plans to accelerate the growth of the forestry industry by enhancing traditional sectors and fostering new industries and models [6] - Emphasis will be placed on technological innovation and the integration of industry and technology to improve the quality of forestry products and services [6] - The government aims to optimize the utilization of forest resources and improve infrastructure in forest areas to support sustainable development [6]