Core Viewpoint - The establishment of a joint venture between Reliance Global Capital, AZIO, Hong Kong Innovation Technology, and Zhaolian aims to develop and operate forestry robotics, highlighting the growing importance of technology in the forestry industry [1] Group 1: Joint Venture Details - The joint venture agreement was signed on September 16, 2025, focusing on the development and operation of forestry robotics [1] - The collaboration combines AZIO's expertise in information technology and artificial intelligence with the group's experience in the forestry sector [1] Group 2: Forestry Supply Chain Operations - The company's timber supply chain operations encompass all value-added activities, including management of planting and harvesting rights, procurement, logging, quality inspection, transportation to processing, inventory management, customs clearance, sales, marketing, and after-sales service [1] - The advancement of technology, particularly robotics, is expected to play a significant role in the forestry industry, with drones being used for data collection, monitoring timber inventory, tracking forest regeneration, and wildfire monitoring [1] Group 3: Future Implications - The board believes that the formation of the joint venture will enable the company to seize opportunities in the emerging field of forestry robotics and complement its timber supply chain business [1]

Group 1 - The forestry sector increased by 1.68% on September 16, with Fujian Jinsen leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - Key stocks in the forestry sector showed varied performance, with Fujian Jinsen closing at 10.84, up 3.44%, and ST Jinggu at 22.70, up 2.07% [1] Group 2 - The net outflow of main funds in the forestry sector was 10.35 million yuan, while retail funds saw a net inflow of 1.47 million yuan [1] - Detailed fund flow data indicated that ST Jinggu had a net outflow of 2.09 million yuan from main funds, while retail funds had a net inflow of 1.29 million yuan [2] - Fujian Jinsen experienced a net outflow of 1.35 million yuan from main funds, with a significant net inflow of 12.01 million yuan from retail funds [2]

Group 1 - Fujian Jinsen Forestry Co., Ltd. experienced a stock price increase of 7.16% on September 16, reaching 11.23 CNY per share, with a trading volume of 52.31 million CNY and a turnover rate of 2.06%, resulting in a total market capitalization of 2.648 billion CNY [1] - The company, established on April 18, 1996, and listed on June 5, 2012, specializes in forest cultivation, management, and timber production and sales. The main revenue sources include: 53.80% from small-diameter fir, 20.72% from fir logs, 7.31% from small-diameter pine, and other timber products [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Fujian Jinsen, holding 1.0435 million shares, which is 0.44% of the circulating shares. The estimated floating profit for today is approximately 782,600 CNY [2] - The Noan Multi-Strategy Mixed A fund was established on August 9, 2011, with a current scale of 1.399 billion CNY. Year-to-date returns are 60.57%, ranking 445 out of 8174 in its category, while the one-year return is 122.79%, ranking 229 out of 7982 [2]

Group 1 - The provincial audit office has initiated a special audit investigation on the implementation of forestry wetland-related policies across the province, aiming to reveal prominent issues and risks in policy execution, resource protection, fund management, and project construction [1] - The audit focuses on the implementation of major decisions and work requirements in the forestry sector, including the effectiveness of ecological civilization system reforms and the completion of planning and management tasks [1] - Key areas of concern include the management and sustainable use of forest and wetland resources, such as land occupation, timber harvesting, disaster prevention, and the protection of ancient trees [1] Group 2 - The audit investigation utilizes an intelligent auditing platform, employing a dual main audit approach of "business main audit + data main audit" to enhance efficiency [2] - The audit covers both provincial and municipal levels, with specific cities like Dongying and Yantai being directly audited by the provincial office, while eight other cities will conduct their audits [2] - The investigation is expected to conclude by the end of October, with a focus on standardizing and analyzing 45 items of vector and structured data related to forest and wetland resources [2]

Core Viewpoint - The company is focusing on its main responsibilities and actively promoting efficient collaboration and quality improvement across its business segments, including forest resource cultivation, green panel home manufacturing, and forestry ecological technology services [1] Group 1 - The company aims to enhance its core functions and competitiveness [1] - The company is gradually optimizing its operational performance and improving profitability [1]

Group 1 - The forestry sector experienced a decline of 0.27% on September 15, with Fujian Jinsen leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the forestry sector showed varied performance, with Pingtan Development slightly up by 0.30% and Fujian Jinsen down by 0.95% [1] Group 2 - The net outflow of main funds in the forestry sector was 19.95 million yuan, while retail investors saw a net inflow of 24.52 million yuan [1] - Detailed fund flow data indicated that ST Jinggu had a main fund net inflow of 237,900 yuan, while Fujian Jinsen faced a significant outflow of 16.83 million yuan [2] - Retail investors contributed positively to the fund flow in several stocks, particularly Fujian Jinsen, which saw a net inflow of 18.95 million yuan from retail investors [2]

Core Viewpoint - The forestry sector experienced a decline of 0.73% on September 12, with Fujian Jinsen leading the drop, while the overall market indices showed slight increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up by 0.22% [1]. - The Shenzhen Component Index closed at 12996.38, up by 0.13% [1]. - The forestry sector's main stocks showed mixed performance, with notable declines in Fujian Jinsen and ST Jinggu [1]. Group 2: Stock Performance - Pingtan Development (000592) closed at 3.38, with an increase of 0.90% and a trading volume of 715,200 shares, totaling a transaction value of 24.3 million yuan [1]. - Yong'an Forestry (000663) closed at 6.67, down by 0.45%, with a trading volume of 34,200 shares and a transaction value of 22.82 million yuan [1]. - ST Jinggu (600265) closed at 22.70, down by 1.65%, with a trading volume of 5,620 shares and a transaction value of 12.77 million yuan [1]. - Fujian Jinsen (002679) closed at 10.64, down by 2.39%, with a trading volume of 197,400 shares and a transaction value of 210 million yuan [1]. Group 3: Capital Flow - The forestry sector saw a net outflow of 10.302 million yuan from main funds and a net outflow of 9.9614 million yuan from speculative funds, while retail investors had a net inflow of 20.2634 million yuan [1]. - Fujian Jinsen had a main fund net inflow of 4.3071 million yuan but a net outflow from speculative and retail investors [2]. - Yong'an Forestry experienced a main fund net inflow of 1.8483 million yuan, with outflows from speculative and retail investors [2]. - ST Jinggu had a significant main fund net outflow of 3.9012 million yuan, but a net inflow from speculative investors [2]. - Pingtan Development faced a main fund net outflow of 12.5561 million yuan, with a notable net inflow from retail investors [2].

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Report Overview - Report Date: September 12, 2025 [1][4] - Report Provider: Guotai Junan Futures Research Institute - Report Focus: Black Series Commodities Futures 1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The report presents individual outlooks for various black series commodities, indicating that most are expected to experience wide - ranging fluctuations. Specifically, iron ore and logs are expected to fluctuate repeatedly, while rebar has relatively weak demand and will have wide - ranging fluctuations. Hot - rolled coils have good demand resilience and will also have wide - ranging fluctuations. Ferro - silicon, silico - manganese, coke, and coking coal are all expected to have wide - ranging fluctuations with repeated expectations [2][9][10][13][17][18][20]. 3. Summary by Commodity Iron Ore - **Market Outlook**: Expected to fluctuate repeatedly [2][7] - **Fundamental Data**: The previous day's closing price was 795.5 yuan/ton, down 9.5 yuan/ton or 1.18%. Open interest decreased by 5,590 hands to 538,976 hands. Imported ore prices generally declined, with PB (61.5%) down 9 yuan/ton to 790 yuan/ton. Some spreads changed, such as the basis (12601, against Super Special) increasing by 4 yuan/ton to 117.7 yuan/ton [5]. - **Macro and Industry News**: US consumer price index in August increased year - on - year and month - on - month. The trend strength is 0 (neutral) [6]. Rebar - **Market Outlook**: Relatively weak demand, wide - ranging fluctuations [9] - **Fundamental Data**: The RB2510 contract closed at 3,006 yuan/ton, down 19 yuan/ton or 0.63%. Trading volume was 178,828 hands, and open interest decreased by 14,764 hands to 582,868 hands. Spot prices in major cities decreased, with Shanghai down 10 yuan/ton to 3220 yuan/ton [10]. - **Macro and Industry News**: According to September 11 steel union weekly data, rebar production decreased by 6.75 tons, inventory increased by 13.86 tons, and apparent demand decreased by 4 tons. The trend strength is 0 (neutral) [11][12]. Hot - Rolled Coils - **Market Outlook**: Good demand resilience, wide - ranging fluctuations [10] - **Fundamental Data**: The HC2510 contract closed at 3,372 yuan/ton, up 2 yuan/ton or 0.06%. Trading volume was 83,435 hands, and open interest decreased by 20,747 hands to 390,112 hands. Spot prices in major cities remained stable. The basis (HC2510) increased by 5 yuan/ton to 8 yuan/ton [10]. - **Macro and Industry News**: According to September 11 steel union weekly data, hot - rolled coil production increased by 10.9 tons, inventory decreased by 1.02 tons, and apparent demand increased by 18.85 tons. The trend strength is 0 (neutral) [11][12]. Ferro - silicon and Silico - manganese - **Market Outlook**: Wide - ranging fluctuations [13] - **Fundamental Data**: For ferro - silicon, the 2511 contract closed at 5626 yuan/ton, down 2 yuan/ton. For silico - manganese, the 2511 contract closed at 5826 yuan/ton, down 12 yuan/ton. Spot prices and various spreads also showed different changes [13]. - **Macro and Industry News**: On September 11, ferro - silicon and silico - manganese prices in different regions were reported. The trend strength for both is 0 (neutral) [13]. Coke and Coking Coal - **Market Outlook**: Repeated expectations, wide - ranging fluctuations [17][18] - **Fundamental Data**: The JM2601 coking coal contract closed at 1141.5 yuan/ton, up 24.5 yuan/ton or 2.2%. The J2601 coke contract closed at 1630 yuan/ton, up 27 yuan/ton or 1.7%. Spot prices of coking coal and coke had different changes, and some basis and spreads also changed [18]. - **Macro and Industry News**: The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026". The trend strength for both is 0 (neutral) [18]. Logs - **Market Outlook**: Fluctuate repeatedly [20] - **Fundamental Data**: Different contracts' closing prices, trading volumes, and open interests showed various changes. For example, the 2509 contract's closing price was 766.5 yuan/cubic meter, down 0.8%. Spot prices in most regions remained stable [21]. - **Macro and Industry News**: China's manufacturing PMI in August was 49.4%, up 0.1 percentage points from the previous month. The trend strength is 0 (neutral) [23].

Core Insights - The article highlights the significant progress made in China's natural resource management during the "14th Five-Year Plan" period, emphasizing achievements in land, mineral, and marine resources, as well as ecological conservation efforts [1][2][3]. Group 1: Agricultural and Land Resources - The total arable land area in China reached 1.94 billion acres, with a commitment to protect this land [1] - By the end of 2024, the arable land area is expected to increase by 28 million acres compared to 2020, establishing a three-dimensional protection framework for quantity, quality, and ecology [2] - Over 10 million acres have been rehabilitated through comprehensive land management efforts [4] Group 2: Mineral Resources - Major breakthroughs in mineral exploration have been achieved, including the discovery of 10 large oil fields and 19 large gas fields during the "14th Five-Year Plan" [2] - Significant progress in the exploration of strategic minerals such as oil, gas, copper, and lithium has been reported, supporting stable production levels of 200 million tons of oil and over 240 billion cubic meters of natural gas [2] - New resource bases are emerging, with notable discoveries in lithium across four provinces, forming a 2,800-kilometer "Asian lithium belt" [3] Group 3: Marine Resources - The marine economy has shown strong growth, with the marine production value reaching 10.5 trillion yuan, an increase of 2.7 trillion yuan since 2020 [1] - China has maintained its position as the world's largest producer of marine products for 36 consecutive years, with marine oil and gas becoming key contributors to domestic production increases [3] Group 4: Ecological Conservation - The forest coverage rate has reached 25.09%, making China one of the fastest-growing countries in terms of green coverage [1] - The area of national parks has expanded significantly, with five national parks established, integrating over 120 existing natural reserves [5][6] - The "Three North" project has successfully implemented 415 projects, restoring 16.4 million acres of land [4] Group 5: Digital and Technological Advancements - The construction of a unified management platform for natural resource management has improved governance efficiency [7] - The establishment of a national satellite navigation network and the implementation of international scientific projects highlight China's commitment to technological innovation in resource management [7]