1. Glass and Soda Ash 1.1 Report Industry Investment Rating No relevant information provided. 1.2 Core View Yesterday, the market sentiment weakened, and the glass and soda ash futures markets both corrected. The fundamental problem of over - supply still exists. For soda ash, although the inventory has not increased recently, it has actually been transferred to the middle and lower reaches, and the trade inventory continues to rise. In the medium term, the downstream demand for soda ash will remain at the previous rigid - demand level. For glass, although the spot market transactions were good at the beginning of the week, the inventory in some mid - stream areas remains high, and the deep - processing orders are still weak. In the long - term, the industry needs to clear out excess capacity. Short - term sentiment may drive the spot market, but the sustainability needs to be tracked. For soda ash, it is advisable to short on rebounds; for glass, track policy implementation and mid - to - downstream stocking performance during the peak season [1]. 1.3 Summary by Directory - **Prices and Spreads**: Glass prices in the central China region increased by 0.88%, and glass futures contracts 2505 and 2509 rose by 0.15% and 0.22% respectively. Soda ash futures contract 2509 rose by 0.28%, while 2505 fell by 0.14% [1]. - **Supply**: Soda ash's weekly output decreased by 2.02% to 74.57 million tons, and the start - up rate dropped by 2.02% to 85.53%. The daily melting volume of float glass decreased by 0.47% to 15.95 million tons, while the daily melting volume of photovoltaic glass remained unchanged [1]. - **Inventory**: Glass inventory decreased by 1.10% to 6090.80, soda ash factory inventory decreased by 2.33% to 175.56 million tons, and soda ash delivery - warehouse inventory increased by 10.69% to 61.49 million tons [1]. - **Real Estate Data**: The new construction area increased by 0.09%, the construction area decreased by 2.43%, the completion area decreased by 0.03%, and the sales area decreased by 6.50% [1]. 2. Logs 2.1 Report Industry Investment Rating No relevant information provided. 2.2 Core View Yesterday, the log futures market closed down. The spot price of the main deliverable product remained unchanged. The inventory increased, and the demand showed a slight increase. The arrival volume continued to be low, and the price was supported by the cost. It is recommended to go long on dips. Future attention should be paid to the sales volume during the seasonal peak season [2]. 2.3 Summary by Directory - **Futures and Spot Prices**: Log futures contracts 2511, 2601, 2603, and 2605 all fell, with the 2511 contract closing at 801.5 yuan/cubic meter, down 7.5 yuan/cubic meter. The spot prices of radiation pine and spruce in major ports remained unchanged [2]. - **Cost**: The RMB - US dollar exchange rate and the import theoretical cost changed little [2]. - **Supply**: The monthly port shipments from New Zealand to China, Japan, and South Korea decreased by 3.87% to 166.6 million cubic meters, and the number of ships decreased by 6.38% to 44 [2]. - **Inventory and Demand**: As of September 12, the national total inventory of coniferous logs increased by 80,000 cubic meters to 302 million cubic meters, and the daily average outbound volume increased by 0.17 million cubic meters to 6.29 million cubic meters [2]. 3. Rubber 3.1 Report Industry Investment Rating No relevant information provided. 2.2 Core View The demand for natural rubber is not as expected, and some enterprises may control production flexibly. The supply is affected by the rainy season and typhoons, but the expected increase in supply in the future weakens the cost support. With the approaching of the holiday, the risk - aversion sentiment of funds increases, and the commodity macro - sentiment weakens. It is expected that the rubber price will fluctuate weakly in the short - term, with the 01 contract trading in the range of 15,000 - 16,500 yuan/ton. Future attention should be paid to the raw - material output in the main production areas during the peak season and the impact of the La Nina phenomenon on supply [3]. 2.3 Summary by Directory - **Spot Prices and Basis**: The price of Yunnan state - owned whole - latex rubber decreased by 1.66%, the price of Thai standard mixed rubber decreased by 0.99%, and the price of cup rubber increased by 0.88% [3]. - **Monthly Spreads**: The 9 - 1 spread increased by 20.00%, the 1 - 5 spread remained unchanged, and the 5 - 9 spread decreased by 12.50% [3]. - **Fundamentals**: In July, Thailand's rubber production increased by 1.61%, Indonesia's increased by 12.09%, and India's decreased by 2.17%. China's production decreased by 1.27%. In August, domestic tire production increased by 9.10%, and tire exports decreased by 5.46% [3]. - **Inventory**: The bonded - area inventory decreased by 1.66%, and the natural - rubber factory - warehouse futures inventory on the Shanghai Futures Exchange decreased by 1.30% [3]. 4. Polysilicon 4.1 Report Industry Investment Rating No relevant information provided. 4.2 Core View The industry self - regulation meeting was held again this week, and some leading enterprises plan to cut production. The increase in downstream prices, the meeting, and the low inventory of some enterprises support the rise of the polysilicon industry. Currently, low - price polysilicon resources are scarce, while high - price resources face some resistance from downstream. It is expected that the polysilicon market will continue to fluctuate in the short - term [4]. 4.3 Summary by Directory - **Spot Prices and Basis**: The average price of N - type re - feed material increased by 0.10%, and the N - type material basis increased by 35.64% [4]. - **Futures Prices and Monthly Spreads**: The main contract decreased by 0.53%, and some monthly spreads changed significantly, such as the increase of the "current month - continuous first" spread by 80.00% [4]. - **Fundamentals**: Weekly polysilicon production decreased by 100.00% to 0, while monthly production increased by 23.31% to 13.17 million tons. Monthly polysilicon imports increased by 40.30% to 0.11 million tons, and net exports decreased by 14.92% to 0.11 million tons [4]. - **Inventory**: Polysilicon inventory decreased by 100.00% to 0 [4]. 5. Industrial Silicon 5.1 Report Industry Investment Rating No relevant information provided. 5.2 Core View From the cost perspective, raw - material prices are rising, and the electricity price in the southwest region will increase during the dry season, raising the cost of industrial silicon. Although the production of industrial silicon has increased month - on - month, there are also news of capacity clearance. In August, supply and demand both increased, maintaining a tight balance. If some capacity is cleared in the future, the supply pressure will be reduced. It is recommended to go long on dips, with the main price fluctuation range expected to be 8,000 - 9,500 yuan/ton [5]. 5.3 Summary by Directory - **Spot Prices and Main - Contract Basis**: The price of East China's oxygen - passing SI5530 industrial silicon remained unchanged, and the basis increased by 15.58%. The price of Xinjiang's 99 - silicon increased by 0.57%, and the basis increased by 18.80% [5]. - **Monthly Spreads**: Some monthly spreads changed, such as the 2510 - 2511 spread increasing by 25.00% [5]. - **Fundamentals**: Monthly national industrial - silicon production increased by 14.01% to 38.57 million tons, and the national start - up rate increased by 6.20% to 55.87%. Organic silicon DMC production increased by 11.66%, and polysilicon production increased by 23.31% [5]. - **Inventory**: Xinjiang's factory - warehouse inventory decreased by 1.07%, Yunnan's increased by 5.45%, and the social inventory increased by 0.74% [5].

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]

Group 1 - The forestry sector experienced a decline of 1.86% on September 18, with Fujian Jinsen leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Key stocks in the forestry sector showed varied performance, with Pingtan Development down 1.44%, ST Jinggu down 1.70%, Yong'an Forestry down 2.25%, and Fujian Jinsen down 2.82% [1] Group 2 - The net outflow of main funds in the forestry sector was 25.12 million yuan, while retail investors saw a net inflow of 40.79 million yuan [1] - Detailed fund flow for key stocks indicated significant outflows for Fujian Jinsen and Yong'an Forestry, with net outflows of 17.75 million yuan and 7.02 million yuan respectively [2] - ST Jinggu and Pingtan Development also experienced fund flow changes, with ST Jinggu showing a net outflow of 0.51 million yuan [2]

Group 1 - The core point of the article is that 信保环球控股 (Reliance Global Capital) has seen a significant stock increase of over 15% following the announcement of a joint venture to develop forestry robotics [1] - The company announced a joint venture agreement with AZIO, Hong Kong Innovation, and Zhaolian to establish a company focused on forestry robotics [1] - The total capital commitment for the joint venture is set at HKD 150 million, with 信保环球控股 contributing HKD 60 million and holding a 40% stake in the new company [1] Group 2 - The board believes that the establishment of the joint venture will allow the company to seize opportunities in the emerging field of forestry robotics [1] - The move is seen as a strategic enhancement to the company's timber supply chain business, leveraging technological advancements in the forestry sector [1]

Group 1 - The core point of the article is that Xinbao Global Holdings (00723) has seen a significant stock increase of over 15%, currently at 0.29 HKD, with a trading volume of 5.55 million HKD [1] - Xinbao Global Holdings announced a joint venture agreement with Reliance Global Capital, AZIO, and Hong Kong Innovation to establish a company focused on forestry robotics [1] - The total capital commitment for the joint venture is set at 150 million HKD, with Xinbao Global Holdings contributing 60 million HKD and holding a 40% stake in the new company [1] Group 2 - The board believes that the establishment of the joint venture will allow the company to seize opportunities in the emerging forestry robotics sector [1] - The move is expected to complement the company's timber supply chain business, highlighting the growing importance of robotics in the forestry industry due to technological advancements [1]

Group 1 - The stock price of Fujian Jinsen has decreased by 2.00% on September 18, trading at 10.78 CNY per share with a total market capitalization of 2.541 billion CNY [1] - Year-to-date, Fujian Jinsen's stock price has increased by 33.37%, with a recent decline of 1.10% over the last five trading days [2] - The company reported a revenue of 50.238 million CNY for the first half of 2025, representing a year-on-year growth of 60.57% [2] Group 2 - Fujian Jinsen's main business activities include forest cultivation, management, and timber production and sales, with the primary revenue sources being small-diameter fir (53.80%) and fir logs (20.72%) [2] - As of September 15, 2025, the number of shareholders in Fujian Jinsen is 15,100, with an average of 15,607 circulating shares per shareholder [2] - The company has distributed a total of 191 million CNY in dividends since its A-share listing, with 24.778 million CNY distributed in the last three years [3]

Core Viewpoint - Yong'an Forestry (000663.SZ) announced plans to develop a national reserve forest project in Putian, Fujian Province, with a planned scale of 150,000 acres, to be implemented in phases based on actual conditions [1] Project Overview - The project has a total calculation period of 30 years, including an 8-year construction period from 2025 to 2032 and a 22-year operational period from 2033 to 2054 [1] - The estimated total investment for the project is 154 million yuan [1] - The first phase of the project will cover an area of 25,100 acres, with specific allocations for different types of forests: - Short-cycle small diameter timber raw material forest: 14,992 acres - Medium-cycle medium diameter timber forest: 3,476 acres - Medium-long cycle large diameter timber forest: 2,736 acres - Medium-long cycle precious tree species mixed forest: 3,906 acres [1] Production and Environmental Impact - The project is expected to produce 864,500 cubic meters of timber and achieve a standing forest stock of 161,500 cubic meters by the end of the construction period [1] - The annual carbon storage is projected to reach 7,000 tons [1] Strategic Implications - The implementation of the national reserve forest project is expected to adjust the existing forest resource structure of the company, enhance its green foundation in forestry, and effectively promote resource increment, operational efficiency, and project revenue [1] - This project will also provide solid resource support for the company's "integrated forestry and board" strategic layout [1]

公告称，通过高标准推进国储林项目实施，能够调整公司现有森林资源结构，持续厚植夯实林业绿色家 底，有效促进公司资源增量、经营增效和项目增收，优化资源配置，同时也为公司"林板一体化"战略布 局提供坚实资源支撑。 永安林业（000663）(000663.SZ)公告，公司全资子公司中林(莆田)林业发展有限公司拟在福建省莆田市 开展国家储备林项目建设，计划建设规模15万亩，结合实际分期推进项目落地。公司董事会审议通过了 《关于开展福建莆田国家储备林建设项目(一期)的议案》。 福建莆田国家储备林建设项目(一期)项目计算期30年，其中：建设期8年，即2025-2032年;运营期22年， 即2033-2054年。项目估算总投资1.54亿元。项目(一期)建设规模2.51万亩，建设期末建成短周期小径材 原料林面积14,992亩，中周期中径材用材林面积3,476亩，中长周期大径材用材林面积2,736亩，中长周 期珍贵树种混交林面积3,906亩;可生产木材86.45万m3、t，建设期末储备活立林蓄积16.15万m3，每年碳 储量达到0.7万t。 ...

Core Viewpoint - Yong'an Forestry (000663.SZ) announced the establishment of a national reserve forest project in Putian City, Fujian Province, with a planned scale of 150,000 acres [1] Investment Details - The total estimated investment for the project is 153.7842 million yuan, which will be phased based on actual conditions during the construction period [1] - Construction investment accounts for 85.94% of the total investment, amounting to 132.1662 million yuan [1] - Interest during the construction period is estimated at 21.618 million yuan, representing 14.06% of the total investment [1]

Group 1 - The core point of the article is the resignation of Mr. Zhao Jiayue as the General Manager of Yong'an Forestry due to personal reasons, with Mr. Cha Guibing appointed as the acting General Manager [1] - As of the report date, Yong'an Forestry's market capitalization is 2.2 billion yuan [1] - For the first half of 2025, the revenue composition of Yong'an Forestry is as follows: 89.52% from engineered wood manufacturing, 5.26% from forestry, and 5.23% from other businesses [1]