Group 1 - The company Fujian Jinsen (002679) reported that as of October 31, the number of shareholders reached 19,124 [1]

Core Insights - The forestry sector experienced a significant increase of 4.06% on November 7, with Yong'an Forestry leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Sector Performance - Yong'an Forestry (000663) closed at 7.81, up 5.54% with a trading volume of 508,200 shares and a transaction value of 398 million [1] - Pingtan Development (000592) closed at 8.90, up 4.83% with a trading volume of 7,625,700 shares and a transaction value of 657.6 million [1] - Fujian Jinsen (002679) closed at 13.61, up 2.48% with a trading volume of 310,300 shares and a transaction value of 411 million [1] - ST Jinggu (600265) remained unchanged at 20.80, with a trading volume of 54,210 shares and a transaction value of 11.19 million [1] Capital Flow Analysis - The forestry sector saw a net outflow of 272 million from institutional investors, while retail investors contributed a net inflow of 141 million [1] - Yong'an Forestry had a net inflow of 56.12 million from institutional investors, but a net outflow of 62.54 million from retail investors [2] - Pingtan Development experienced a significant net outflow of 329 million from institutional investors, with a net inflow of 207 million from retail investors [2]

Group 1 - Fujian Jinsen Forestry Co., Ltd. experienced a stock price increase of 5.05%, reaching 13.95 CNY per share, with a trading volume of 343 million CNY and a turnover rate of 11.08%, resulting in a total market capitalization of 3.289 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 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 570,000 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 47.14% and a one-year return of 50.19% [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 267 days, managing assets totaling 4.904 billion CNY [3] - During Wang Ying's tenure, the best fund return was 56.16%, while the worst return was -8.42% [3]

Core Points - The government has issued a notification regarding the organization of the Fourth National Agricultural Census, emphasizing the importance of accurate data collection and adherence to legal regulations [1][2]. Group 1: Census Scope and Objectives - The census will cover rural households, urban agricultural operators, agricultural production units, and relevant local government bodies, focusing on various agricultural sectors including crop farming, forestry, animal husbandry, and fisheries [1]. - Key areas of investigation include agricultural production conditions, food production status, new agricultural productivity, rural residents' living conditions, and basic rural development [1]. Group 2: Implementation and Data Quality - Local governments and relevant departments are required to strictly follow laws and regulations, ensuring data quality and integrity throughout the census process [2]. - The notification stresses the importance of innovative methods and modern technologies, such as satellite remote sensing and artificial intelligence, to enhance data collection accuracy and efficiency [2].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides trend forecasts for various commodities in the black series on November 7, 2025. These include high - level fluctuations for iron ore, coke, and coking coal; wide - range oscillations for rebar, hot - rolled coils, ferrosilicon, and silicomanganese; and oscillatory fluctuations for logs [2]. 3. Summary by Commodity Iron Ore - **Price and Position Data**: The closing price of the I2601 futures contract was 777.5 yuan/ton, up 1.5 yuan or 0.19%. The position was 537,495 lots, down 7,164 lots. Imported and domestic ore prices mostly declined slightly, with the basis narrowing [5]. - **Trend Strength**: The trend strength is 0, indicating a neutral outlook [5]. Rebar and Hot - Rolled Coils - **Price and Position Data**: The closing price of the RB2601 rebar futures was 3,037 yuan/ton, up 12 yuan or 0.40%, and the HC2601 hot - rolled coil futures was 3,256 yuan/ton, up 7 yuan or 0.22%. Spot prices in most regions showed small increases or remained stable, and the basis and spreads changed slightly [8]. - **Industry News**: On November 6, steel production, inventory, and apparent demand data showed mixed trends. In late October 2025, key steel enterprises' production and inventory data also had different changes [9][10]. - **Trend Strength**: Both rebar and hot - rolled coils have a trend strength of 0, indicating a neutral outlook [11]. Ferrosilicon and Silicomanganese - **Price and Position Data**: Futures prices of ferrosilicon and silicomanganese increased slightly. Spot prices of ferrosilicon and silicomanganese, as well as related raw materials, showed different trends. The basis, near - far month spreads, and cross - variety spreads all changed [12]. - **Industry News**: On November 6, there were price changes in raw materials such as semi - coke and ferrosilicon and silicomanganese market quotations and procurement prices [12][13][14]. - **Trend Strength**: Both ferrosilicon and silicomanganese have a trend strength of 0, indicating a neutral outlook [14]. Coke and Coking Coal - **Price and Position Data**: The closing price of the JM2601 coking coal futures was 1,290.5 yuan/ton, up 22 yuan or 1.7%, and the J2601 coke futures was 1,776.5 yuan/ton, up 23.5 yuan or 1.3%. Spot prices of coking coal were mostly stable, while coke prices in some regions increased. The basis and spreads changed [15]. - **Trend Strength**: Both coke and coking coal have a trend strength of 0, indicating a neutral outlook [16]. Logs - **Price and Position Data**: The prices of different log futures contracts showed small fluctuations, with changes in trading volume and open interest. Spot prices of various types of logs in different regions were mostly stable [18]. - **Trend Strength**: The trend strength is 0, indicating a neutral outlook [20].

Group 1 - The core viewpoint of the article highlights the significant growth in China-Europe trade over the past 50 years, with a complementary trade structure and service trade exceeding 100 billion USD [3] - The current phase of China's economy is characterized by high-quality development, presenting substantial opportunities for European companies to deepen their engagement in the Chinese market [3] - The event attracted over 800 participants from government departments, international organizations, and Fortune 500 companies, facilitating in-depth discussions on China-Europe economic cooperation [4] Group 2 - Companies like the Dutch company, IES, are intensifying their efforts in the Chinese market, planning to open over 100 stores, reflecting their serious and confident approach towards this market [6] - The French company, Eisen Group, has ambitious plans to expand its production capacity and investment in China over the next five years, aiming for sustainable development [8] - The conference included business matching sessions between Chinese and Slovenian, as well as Italian companies, focusing on key sectors such as manufacturing, biomedicine, and specialty agricultural products [10] Group 3 - A Chinese machinery manufacturing company reported initial cooperation agreements with a forestry company from Slovenia during the exchange meeting, indicating the potential for technological advancement and market integration through the expo [12]

Core Viewpoint - Fujian Jinsen experienced a significant drop, hitting the daily limit down with a deviation of -11.16% in its stock price, indicating a bearish sentiment among investors [2] Trading Activity - The stock had a turnover rate of 12.04% and a total trading volume of 382 million yuan, with a price fluctuation of 5.87% throughout the day [2] - Institutional investors net sold 13.57 million yuan, while brokerage seats collectively net sold 3.045 million yuan [2] Market Data - The top five trading departments accounted for a total transaction volume of 79.71 million yuan, with buying transactions amounting to 31.55 million yuan and selling transactions at 48.17 million yuan, resulting in a net sell of 16.62 million yuan [2] - Among the trading departments, three institutional specialized seats were involved, with total buying amounting to 18.43 million yuan and selling amounting to 32.00 million yuan, leading to a net sell of 13.57 million yuan [2] Fund Flow - The stock saw a net outflow of 19.74 million yuan in principal funds, with large orders contributing to a net outflow of 1.89 million yuan and a significant single order outflow of 801,100 yuan [2] - Over the past five days, the net outflow of principal funds totaled 5.71 million yuan [2]

Core Points - The forestry sector experienced a significant decline of 8.38% on November 6, with Fujian Jinsen leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Sector Performance - ST Jinggu (600265) closed at 20.80, with a slight increase of 0.48% and a trading volume of 9,716 shares [1] - Yong'an Forestry (000663) closed at 7.40, down 3.90% with a trading volume of 240,100 shares [1] - Pingtan Development (000592) closed at 8.49, down 9.97% with a trading volume of 6,733,200 shares [1] - Fujian Jinsen (002679) closed at 13.28, down 10.03% with a trading volume of 283,800 shares [1] Capital Flow - The forestry sector saw a net outflow of 1.09 billion yuan from main funds, while retail investors contributed a net inflow of 821 million yuan [1] - The capital flow for individual stocks showed varied trends, with ST Jinggu experiencing a net inflow of 1.20 million yuan from main funds [2] - Yong'an Forestry had a net outflow of 27.56 million yuan from main funds, but a net inflow of 30.48 million yuan from retail investors [2] - Fujian Jinsen faced a net outflow of 33.52 million yuan from main funds, with a net inflow of 37.31 million yuan from retail investors [2] - Pingtan Development had a net outflow of 10.30 million yuan from main funds, but a significant net inflow of 753 million yuan from retail investors [2]

Group 1 - The company, Pingtan Development, primarily engages in afforestation, forest product processing and sales, and trade business [2] - The company is also involved in activities related to the development and opening of the Pingtan Comprehensive Experimental Zone [2]

Group 1: Natural Rubber Industry Investment Rating - Not provided Core Views - Dark-colored rubber shows an inventory accumulation inflection point, and with weak macro sentiment, rubber prices have further declined. Future focus should be on raw material output during the peak production season in the main producing areas and macro changes. If raw material supply is smooth, there is room for further decline; if not, the rubber price is expected to fluctuate between 15,000 - 15,500 [1]. Summary by Directory - **Spot Prices and Basis**: On November 5, prices of various natural rubber products showed different trends, with some decreasing and others remaining stable. For example, the price of Yunnan state - owned whole - miscible rubber (SCRWF) in Shanghai decreased by 250 yuan to 14,350 yuan, a decrease of 1.71% [1]. - **Inter - monthly Spreads**: The spreads between different contracts also changed. For example, the 9 - 1 spread decreased by 5 yuan to 150 yuan, a decrease of 3.23% [1]. - **Fundamental Data**: In August, production in Thailand, Indonesia, and other countries changed, with Thailand's production decreasing by 5.45% to 451.50. Tire production and export data also showed fluctuations. For example, domestic tire production in August increased by 9.10% to 10,295.40 million pieces [1]. - **Inventory Changes**: Bonded area inventory and factory - warehouse futures inventory of natural rubber increased, while the出库 rate of dry rubber in the bonded warehouse in Qingdao decreased [1]. Group 2: Glass and Soda Ash Industry Investment Rating - Not provided Core Views - **Soda Ash**: The price of soda ash is trending weakly. There is obvious over - supply, and the market is under pressure. In the medium - term, demand will continue to be based on rigid needs, and the market will face further pressure without actual capacity withdrawal or load reduction. It is advisable to take a bearish approach in operation [3]. - **Glass**: The news of production line shutdown in Shahe area has a short - term emotional impact on the market. In the long - term, there will be production line restart, which will increase supply pressure. Although there is some demand expectation during the peak season, the glass industry still needs capacity clearance to solve the over - supply problem. There is short - term support for the market, and short - term long opportunities for low - level rebounds can be captured [3]. Summary by Directory - **Glass - related Prices and Spreads**: On November 5, glass prices in different regions showed little change, with only the South China quotation decreasing by 10 yuan to 1,190 yuan per ton, a decrease of 0.83%. The 01 basis increased by 8 yuan to 33 yuan, an increase of 32.00% [3]. - **Soda Ash - related Prices and Spreads**: Soda ash prices in different regions remained stable, and the 01 - 4 spread decreased by 6 yuan to 105 yuan, a decrease of 5.41% [3]. - **Supply**: Soda ash production and float glass and photovoltaic glass melting volume data showed different trends. Soda ash production decreased slightly, and photovoltaic glass melting volume decreased by 0.84% [3]. - **Inventory**: Glass factory - warehouse inventory and soda ash factory - warehouse inventory increased, while soda ash delivery warehouse inventory decreased [3]. - **Real Estate Data**: Real estate data showed negative growth in new construction area, completion area, and sales area, with the sales area decreasing by 6.50% [3]. Group 3: Log Industry Investment Rating - Not provided Core Views - The log futures market is in a situation of strong supply and weak demand. Although the disk price is at a relatively low level and the price difference between domestic and foreign markets provides some support, the market is still expected to maintain a weak and volatile trend [4]. Summary by Directory - **Futures and Spot Prices**: On November 5, log futures prices showed an upward trend. For example, the price of the log 2511 contract increased by 2 yuan to 778.5 yuan per cubic meter, an increase of 0.26%. Spot prices of some radiata pine and spruce in ports remained stable [4]. - **Import Cost Calculation**: The import theoretical cost increased by 6.84 yuan to 812.97 yuan, an increase of 1% [4]. - **Supply and Demand**: Supply is increasing, with the expected arrival of 17 ships of New Zealand logs at 13 Chinese ports from November 3 - 9, an increase of 2 ships and 16% in volume compared to the previous week. Demand is slightly declining, with the average daily log出库 volume decreasing by 0.16 million cubic meters to 6.28 million cubic meters as of October 31 [4]. Group 4: Industrial Silicon Industry Investment Rating - Not provided Core Views - Industrial silicon prices are expected to fluctuate at a low level. Although there are expectations of supply contraction, it is expected to have little short - term impact. The market still faces inventory accumulation pressure in November, but there is cost support at the bottom. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan per ton. If the price drops to around 8,500 yuan per ton, long positions can be considered [5]. Summary by Directory - **Spot Prices and Main Contract Basis**: On November 5, spot prices of various industrial silicon products remained stable, and the basis of different benchmarks changed. For example, the basis of East China oxygen - passing SI5530 industrial silicon decreased by 135 yuan to 430 yuan, a decrease of 23.89% [5]. - **Inter - monthly Spreads**: Spreads between different contracts changed. For example, the 2511 - 2512 spread increased by 25 yuan to - 400 yuan, an increase of 6.25% [5]. - **Fundamental Data**: National industrial silicon production increased by 7.46% to 45.22 million tons, and production in different regions also showed different trends. For example, Xinjiang's production increased by 15.94% to 23.56 million tons [5]. - **Inventory Changes**: Inventory in different regions and types showed different trends. For example, Yunnan's factory - warehouse inventory increased by 0.05 million tons to 3.46 million tons, an increase of 1.47% [5]. Group 5: Polysilicon Industry Investment Rating - Not provided Core Views - In November, the supply pressure is decreasing, but the demand is also decreasing, resulting in a situation of weak supply and demand. There is still a risk of inventory accumulation. It is expected that the price will fluctuate in a high - level range. In trading, it is advisable to try long positions when the futures price returns to the lower end of the range, sell put options around 50,000 in the options market, and hold photovoltaic ETFs, new energy ETFs, or related stocks in the equity market [6]. Summary by Directory - **Spot Prices and Basis**: On November 5, spot prices of N - type polysilicon products were mostly stable, and the N - type material basis increased by 360 yuan to - 1,155 yuan, an increase of 23.76% [6]. - **Futures Prices and Inter - monthly Spreads**: The futures price decreased by 360 yuan to 53,355 yuan per ton, and the spreads between different contracts changed significantly [6]. - **Fundamental Data**: Weekly and monthly polysilicon and silicon wafer production, import, and export data showed different trends. For example, weekly polysilicon production decreased by 4.41% to 2.82 million tons, while monthly production increased by 3.08% to 13.40 million tons [6]. - **Inventory Changes**: Polysilicon and silicon wafer inventories increased, and the polysilicon warehouse receipt increased by 140 to 9,730 [6].