Variety Views - On July 22, A-share's three major indexes continued to rise, hitting new highs for the year. The Shanghai Composite Index rose 0.62% to 3,581.86, the Shenzhen Component Index rose 0.84% to 11,099.83, and the ChiNext Index rose 0.61% to 2,310.86. The trading volume of the two markets reached 1.893 trillion yuan, an increase of 193.1 billion yuan from the previous day. The CSI 300 Index was strong, closing at 4,118.96, up 33.35 [1] - On July 22, the weighted coke index remained strong, closing at 1,711.6, up 128.3. The weighted coking coal index also maintained its strength, closing at 1,084.9 yuan, up 94.5 [1][2] Factors Affecting Futures Prices Coke and Coking Coal - The spot price of coke at ports remained stable, with the price of quasi-primary metallurgical coke at Rizhao Port at 1,270 yuan/ton. After the first price increase by coke enterprises was implemented, they quickly initiated a second one. Coke enterprises are currently at the break-even point in production. The continuous rebound of coking coal prices has put pressure on coking enterprises, so they raised the price of coke, and steel mills have a relatively high willingness to accept it. The profitability rate of steel mills is maintained at around 60%, the profit of blast furnace rebar is about 200 yuan/ton, and the reduction of crude steel production has led to a rebound in steel prices, giving some room for the rebound of raw material prices [3] - The price of prime coking coal in Linfen, Shanxi (A10, S0.45, G70) was raised by 70 yuan to the ex-factory price of 1,210 yuan/ton. The Mongolian coal market is running strongly. The price of Mongolian No. 5 raw coal at Ganqimao Port increased by 54 to 850 yuan/ton, and the price of Mongolian No. 3 cleaned coal increased by 35 to 950 yuan/ton. As of July 18, the inventory of upstream coal mines has dropped to 3.3907 million tons, returning to a relatively reasonable level. Previously shut-down coal mines have gradually resumed production, especially after the price increase, the enthusiasm of coal mines for production is high [3] Zhengzhou Sugar - Early signs indicate that the global sugar market may face a supply surplus in the 2025/26 season due to strong monsoons increasing production in India and Thailand. Affected by this and the failure of the futures price to break through the key technical level of 17 cents, long positions were liquidated, causing the US sugar price to fall sharply on Monday. Affected by the decline of US sugar and the reduction of spot quotes, long positions were liquidated, causing the Zhengzhou sugar 2509 contract to decline on Tuesday. Due to short-selling pressure, the contract continued to decline slightly at night. In June 2025, China imported 420,000 tons of sugar, a month-on-month increase of about 70,000 tons and a year-on-year increase of 1,434.9%. From January to June 2025, China's cumulative sugar imports were 1.04 million tons, a year-on-year decrease of 19.7%. In June 2025, China imported a total of 115,500 tons of syrup and premixed powder, a year-on-year decrease of 103,500 tons. From January to June 2025, the total imports were 459,100 tons, a year-on-year decrease of 492,400 tons [3] Rubber - Heavy rainfall in the Thai rubber-producing area has raised concerns about supply, leading to continuous increases in Southeast Asian spot prices. Affected by this, short positions were liquidated, pushing up the Shanghai rubber futures price on Tuesday. Due to the large short-term increase, the price adjusted at night. In June 2025, China's rubber tire production was 102.749 million pieces, a year-on-year decrease of 1.1%. From January to June, the production increased by 2% year-on-year to 591.668 million pieces. In the first half of 2025, China's rubber tire exports reached 4.71 million tons, a year-on-year increase of 4.5% [4][6] Palm Oil - On July 22, palm oil maintained a high-level wide-range oscillation, with the overall average price gradually increasing. The K-line closed as a positive line with a long upper shadow. The highest price of the day was 9,012, the lowest was 8,868, and it closed at 8,926, up 0.18% from the previous day. According to SPPOMA data, from July 1 to 20, 2025, the palm oil production in Malaysia increased by 6.19% compared with the same period last month. United Plantations said that in the second quarter, the production of palm oil and palm kernels increased by 13.8% and 20.5% year-on-year respectively; the average price of palm oil increased by 5.6% to 4,361 Malaysian ringgit per ton [6] Shanghai Copper - The anti-involution trading in China continued, with strong long sentiment boosting the copper price. Technically, the moving averages are in a bullish arrangement, and the MACD and KDJ indicators all give bullish signals, providing support for price increases. On the supply side, the strike at a copper mine in Peru has raised concerns about supply, which also supports the copper price. However, attention should be paid to the increase in bonded warehouse inventories and the uncertainty of downstream demand. If the price fails to break through the resistance level of 81,200 yuan/ton, it may face a correction risk [7] Iron Ore - On July 22, the main contract of iron ore 2509 oscillated and rose, with a gain of 2.49%, closing at 823 yuan. The shipments of Australian and Brazilian iron ore decreased slightly this period, and the arrivals dropped significantly. The pig iron production stopped falling and rebounded to a high level again. Currently, the market sentiment is boosted by the anti-involution and the policy expectations of important meetings, and the short-term trend of iron ore prices will continue to oscillate slightly stronger [7] Asphalt - On July 22, the main contract of asphalt 2509 oscillated and fell, with a decline of 1.42%, closing at 3,609 yuan. Last week, the operating rate of asphalt plants decreased month-on-month. The low social inventory has led to an increase in the sales volume of refineries, and downstream demand has improved. Overall, it fluctuates narrowly following the cost of crude oil [7] Cotton - The main contract of Zhengzhou cotton closed at 14,235 yuan/ton on Tuesday night. On July 23, the minimum basis price of Xinjiang designated delivery (supervision) warehouses in the National Cotton Trading Market was 430 yuan/ton, and the cotton inventory decreased by 65 lots compared with the previous day. The growth period of cotton in Xinjiang this year is about 5 - 7 days earlier than last year [8] Logs - On July 22, the 2509 contract of logs opened at 843.5, with a minimum of 835, a maximum of 846.5, and closed at 838, with a daily reduction of 2,264 lots. After reaching a four-month high of 856.5, the market declined, with increased trading volume and significant position reduction, increasing market pressure. Attention should be paid to the support level of 800 - 820 and the resistance level of 850. The spot price of 3.9-meter medium A radiata pine logs in Shandong was 740 yuan/cubic meter, unchanged from the previous day, and the price of 4-meter medium A radiata pine logs in Jiangsu was 750 yuan/cubic meter, also unchanged. There is no major contradiction in the supply-demand relationship, and spot trading is weak. Attention should be paid to the spot price, import data, and the support of macro expectations for the spot market [8] Steel - On July 22, rb2510 closed at 3,307 yuan/ton, and hc2510 closed at 3,477 yuan/ton. Currently, the favorable factors in the industrial aspect of "anti-involution" and "promoting the orderly withdrawal of backward production capacity" are being traded again in the market. The trading logic of the black chain has switched to the dual-drive of industrial benefits and valuation repair, coupled with the support of real estate policies. The Ministry of Industry and Information Technology has issued a work plan for stabilizing the growth of the steel industry. Attention should be paid to the matching degree between the marginal change of pig iron production and the implementation rhythm of policies [9] Alumina - On July 22, ao2509 closed at 3,513 yuan/ton. The bullish sentiment in the market mainly comes from three aspects: the continuous fermentation of the expectation of eliminating backward production capacity, the limited supply of spot goods in the market, and the extremely low inventory in delivery warehouses; and the strong support from the demand side due to the expansion of electrolytic aluminum production capacity. In terms of trading, although the inquiries from spot-futures traders for hedging purposes are active, due to the tight supply of spot goods and the quotes of holders not meeting the expectations of buyers, actual transactions are limited. Most holders choose to postpone sales and adopt a wait-and-see attitude [10] Shanghai Aluminum - On July 22, al2509 closed at 20,900 yuan/ton. In China, a new plan for stabilizing the growth of the non-ferrous metal industry is about to be released, providing support for copper and aluminum. The world's largest hydropower project has also ignited the enthusiasm of the capital market. During the off-season of consumption, the amount of ingot casting has increased, and the recent arrival of spot goods in the market has increased, replenishing market supply. The increase in aluminum prices has significantly suppressed consumption, highlighting the weakness of actual terminal demand, and there is still pressure for aluminum ingot inventory accumulation [10]

Group 1 - The core issue involves a legal dispute stemming from 2019, where the company failed to disclose significant guarantees, related transactions, and litigation matters, leading to administrative penalties from the Sichuan Securities Regulatory Bureau [2] - In August 2024, the Chengdu Intermediate People's Court ruled that the company must compensate 195 plaintiffs a total of 21.75 million yuan, a decision upheld by the Sichuan High Court [3] - The company has recognized this case in its estimated liabilities, indicating that the judgment will not affect current profits, although legal risks remain due to ongoing litigation [2][3] Group 2 - The company recently lifted its risk warning status, changing its stock name from "ST Shengda" back to "Shengda Forestry," following issues related to the controlling shareholder's financial troubles in 2018 [4] - Financially, the company reported a revenue of 733 million yuan and a net profit of approximately 11.99 million yuan in 2024, marking a significant year-on-year increase of 1190.67% [4] - In Q1 2025, the company achieved a revenue of 230 million yuan and a net profit of about 11.37 million yuan, reflecting year-on-year growth of 52.20% and 177.20% respectively [4] - The annual report warns of ongoing legal risks due to historical issues, predicting that significant litigation risks will persist into 2025 [4]

Core Viewpoint - The Liangshan County Natural Resources and Planning Bureau has established a comprehensive law enforcement network to combat illegal logging and protect forest resources effectively [1] Group 1: Policy Promotion and Public Awareness - The bureau enhances public legal awareness through various channels, including rural outreach activities and new media platforms, to disseminate forestry policies and regulations [3] - Training programs are conducted to improve the quality of law enforcement personnel, with mechanisms for recognition and accountability in place [3] Group 2: Monitoring and Regulation - The bureau implements a comprehensive monitoring system and strengthens patrols in key forest areas, transitioning from reactive to proactive law enforcement [4] - An information-sharing mechanism is established to ensure compliance with legal regulations regarding logging activities [4] Group 3: Joint Law Enforcement and Digital Empowerment - A collaborative mechanism involving multiple local authorities is created to enhance law enforcement efforts against forestry-related crimes [5] - The bureau utilizes digital technology to develop a natural resource monitoring system, enabling real-time surveillance and intervention [5] Group 4: Public Participation and Transparency - The bureau encourages public participation in forestry law enforcement by promoting reporting mechanisms and collaborating with media to raise awareness [6] - Information on law enforcement outcomes and case handling is regularly disclosed to foster social supervision [6] Group 5: Efficient Approval Processes - The bureau innovates the logging permit application process by decentralizing approval authority and implementing online services to enhance efficiency [7]

Report Summary 1. Report Industry Investment Ratings The report does not provide overall industry investment ratings. However, it gives trend intensities and price trends for various commodities: - **Iron Ore**: Macro - expectations support, with a bias towards strong and volatile trends. Trend intensity is 1 [4][5]. - **Rebar and Hot - Rolled Coil**: Market sentiment remains high, with wide - range fluctuations. Trend intensity is 0 [8][9][11]. - **Silicon Iron and Manganese Silicon**: The market trading atmosphere is strong, with wide - range fluctuations. Trend intensity is 0 [13][15]. - **Coke and Coking Coal**: Coke has one round of price increase implemented, with a bias towards strong and volatile trends; coking coal shows a bias towards strong and volatile trends. Trend intensities are 0 for coke and 1 for coking coal [16][18]. - **Steam Coal**: Daily consumption recovers, with stable and volatile trends. Trend intensity is 0 [20][23]. - **Logs**: Wide - range fluctuations. Trend intensity is 1 [24][27]. 2. Core Viewpoints The report analyzes the fundamentals, price trends, and macro - industry news of various black - series commodities, including iron ore, rebar, hot - rolled coil, silicon iron, manganese silicon, coke, coking coal, steam coal, and logs. It provides price trends and trend intensities for each commodity, helping investors understand the market situation and potential investment opportunities. 3. Summary by Commodity Iron Ore - **Fundamentals**: The futures price of iron ore closed at 785.0 yuan/ton, down 0.5 yuan/ton (- 0.06%). The trading volume was 692,666 lots, a decrease of 10,578 lots. Imported ore prices showed some fluctuations, with the price of 65% Carajás fines rising by 3.0 yuan/ton [4]. - **Macro - industry News**: The China Iron and Steel Association organized a meeting to discuss the "15th Five - Year Plan for the Iron and Steel Industry" to prevent over - capacity risks [5]. Rebar and Hot - Rolled Coil - **Fundamentals**: The RB2510 contract of rebar closed at 3,147 yuan/ton, up 23 yuan/ton (0.74%); the HC2510 contract of hot - rolled coil closed at 3,310 yuan/ton, up 30 yuan/ton (0.91%). Spot prices in different regions showed varying degrees of increase [9]. - **Macro - industry News**: The Ministry of Industry and Information Technology will implement a new round of steady - growth work plans for key industries. Steel production and inventory data showed some changes, and export volume decreased in June [10][11]. Silicon Iron and Manganese Silicon - **Fundamentals**: The silicon iron 2509 contract closed at 5,508 yuan/ton, up 26 yuan; the manganese silicon 2509 contract closed at 5,804 yuan/ton, up 10 yuan. Spot prices also had corresponding changes [13]. - **Macro - industry News**: There were price quotes and procurement price information for silicon iron and manganese silicon in different regions, and manganese ore inventory changed [14][15]. Coke and Coking Coal - **Fundamentals**: The JM2509 contract of coking coal closed at 926 yuan/ton, up 7.5 yuan (0.82%); the J2509 contract of coke closed at 1,518 yuan/ton, down 1 yuan (- 0.07%). Spot prices of coking coal and coke in different regions showed different trends [16]. - **Macro - industry News**: There were price quotes for coking coal in northern ports and changes in the CCI metallurgical coal index [16][17]. Steam Coal - **Fundamentals**: The ZC2507 contract of steam coal had no trading volume. Southern port and domestic origin prices were provided, and the long - short positions of the top 20 members remained unchanged [21][22]. Logs - **Fundamentals**: The 2509 contract of logs closed at 828.5 yuan/ton, down 0.5% from the previous day. The trading volume and open interest of different contracts showed different trends, and the prices of various log products in the spot market remained stable [25]. - **Macro - industry News**: The Central Urban Work Conference was held [27].

Core Viewpoint - The article highlights the transformation of Zhejiang's forestry sector over the past two decades, emphasizing the integration of ecological resources into economic development, leading to a model of shared prosperity in rural areas. Group 1: Infrastructure Development - In淳安, the government has invested in infrastructure such as roads and management facilities to facilitate the entry of enterprises into forestry, allowing village collectives to benefit from fixed asset dividends [2] - The establishment of a national reserve forest reform in淳安 has led to significant financial benefits for local communities, with rental income and dividends exceeding 3 million yuan annually for village collectives [2] Group 2: Economic Growth and New Business Models - The forestry sector in磐安 has seen the emergence of innovative agricultural practices, such as the cultivation of wild medicinal mushrooms, which can command prices up to 1,000 yuan per pound due to their high efficacy [3][4] - The implementation of smart technology in mushroom production has increased efficiency tenfold, allowing fewer workers to produce significantly more output [4] Group 3: Agricultural Innovation and Risk Management - In松阳, the establishment of a "Southern Medicine Valley" has revitalized local agriculture, with companies providing purchase guarantees to mitigate risks for farmers [5][6] - The integration of various agricultural practices, including the cultivation of medicinal plants and the development of value-added products, has created a comprehensive industry chain that enhances income for local farmers [6] Group 4: Financial Impact and Market Expansion - The forestry carbon trading revenue has surpassed 7.9 million yuan, contributing to the overall economic uplift of the region [6] - The article notes that over 1.07 million forest farmers have benefited from the "Thousand Villages, Ten Thousand Yuan" initiative, indicating a significant impact on rural income levels [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Iron ore is expected to oscillate strongly supported by macro - expectations [2][4]. - Rebar, hot - rolled coil, ferrosilicon, silicomanganese, and log are expected to oscillate widely due to sustained market or tender sentiment [2][6][12][23]. - Coke is expected to oscillate widely after the first round of price increase is implemented, and coking coal is expected to oscillate widely [2][15]. - Steam coal is expected to stabilize after daily consumption recovers [2][19]. Summary by Related Catalogs Iron Ore - **Fundamentals**: The futures price closed at 785.5 yuan/ton, up 12.5 yuan/ton or 1.62%. The open - port ore prices of various types increased by 8 - 10 yuan/ton, while the domestic ore prices remained stable. Some basis and spread values changed slightly [4]. - **Macro and Industry News**: The Central Urban Work Conference was held in Beijing from July 14th to 15th [4]. - **Trend Intensity**: 0, indicating a neutral view [4]. Rebar and Hot - Rolled Coil - **Fundamentals**: Rebar RB2510 closed at 3,133 yuan/ton, up 25 yuan/ton or 0.80%. Hot - rolled coil HC2510 closed at 3,292 yuan/ton, up 40 yuan/ton or 1.23%. The inventory, production, and apparent demand of steel products changed in the weekly data on July 17th [6][7]. - **Macro and Industry News**: In early July 2025, the average daily output of key steel enterprises decreased in crude steel, pig iron, and steel products. The steel inventory of key enterprises decreased compared to the previous ten - day period [7][9]. - **Trend Intensity**: 1 for both rebar and hot - rolled coil, indicating a relatively strong view [8]. Ferrosilicon and Silicomanganese - **Fundamentals**: The futures prices of ferrosilicon and silicomanganese increased. The spot prices of ferrosilicon and silicomanganese in Inner Mongolia were 5250 yuan/ton and 5600 yuan/ton respectively. Some basis and spread values changed [12]. - **Macro and Industry News**: The prices and quotations of ferrosilicon and silicomanganese in different regions were reported. Some steel mills determined the procurement prices and quantities of ferrosilicon and silicomanganese [13]. - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral view [14]. Coke and Coking Coal - **Fundamentals**: The futures prices of coking coal JM2509 and coke J2509 increased. Some spot prices of coking coal remained stable, while some coke spot prices increased. Some basis and spread values changed [15]. - **Price and Position**: The coking coal prices in northern ports were reported. The CCI metallurgical coal index on July 17th was announced. The position changes of coking coal and coke contracts were provided [15][16][17]. - **Trend Intensity**: 0 for coke and 1 for coking coal [17]. Steam Coal - **Fundamentals**: The ZC2507 contract had no trading. The prices of southern port foreign - trade steam coal and domestic production areas were reported. The position of the ZC2507 contract remained unchanged [20][21]. - **Trend Intensity**: 0, indicating a neutral view [22]. Log - **Fundamentals**: The prices, trading volumes, and positions of log futures contracts increased. The spot prices of most log products remained stable [24]. - **Macro and Industry News**: The Central Urban Work Conference was held from July 14th to 15th [26]. - **Trend Intensity**: 0, indicating a neutral view [26].

Core Viewpoint - The article discusses the economic conditions in Northeast China, highlighting its low cost of living and the underlying factors such as low wages, aging population, and the dominance of state-owned enterprises [3][8][29]. Group 1: Cost of Living - Northeast China is perceived as a "low-price paradise" for young people, with significantly lower food prices compared to other regions [4][6]. - Examples of low prices include a breakfast buffet for 10 yuan and a full meal for 80 yuan that can serve multiple people [7][8]. - The article emphasizes that the low prices are a result of low wage levels in the region [10][11]. Group 2: Wage Levels - In 2023, Harbin's individual income tax revenue was 1.6 billion yuan, while Zhuhai, with a much smaller population, contributed 15.4 billion yuan, indicating a stark difference in income levels [10]. - The average wages in Northeast China are among the lowest in the country, with rankings in the bottom tier for both public and private sectors [12][13]. - The high proportion of state-owned enterprises in the region contributes to the low wage levels, as these enterprises often have lower profitability [14][19]. Group 3: Aging Population and Labor Migration - Northeast China has experienced a declining birth rate and an aging population, with birth rates in 2023 being among the lowest in the country [30][31]. - The region faces significant labor outflow, with over 800,000 people leaving in 2024 alone, leading to reduced consumer demand and further economic challenges [32][33]. - The phenomenon of "bird migration" where many residents spend winters in warmer regions exacerbates the local economic situation [33][34]. Group 4: Economic Structure - The dominance of state-owned enterprises has created a reliance on large firms, limiting the growth of small and medium-sized enterprises [19][27]. - The article notes that the economic structure in Northeast China is heavily skewed towards traditional industries, with slow growth in emerging sectors [27][28]. - Despite these challenges, there are signs of potential recovery, as the region's import and export activities have been increasing [35].

Group 1 - The sixth session of the Supervisory Board of Fujian Jinsen Forestry Co., Ltd. held its eighth meeting on July 16, 2025, where all supervisors agreed to waive the advance notice period for the meeting [1] - Zhang Xiaoguang was elected as the chairman of the sixth Supervisory Board, with his term starting from the approval date of the resolution until the end of the current board's term [1][2] - The meeting was attended by all five supervisors, and the procedures complied with relevant laws and regulations [1] Group 2 - Zhang Xiaoguang, born in December 1970, holds a bachelor's degree and is a mid-level forestry engineer, with a history of various roles in the forestry sector [2] - He currently does not hold any shares in the company and has no related party relationships with major shareholders or the actual controller [3] - Zhang has not faced any penalties from the China Securities Regulatory Commission or other authorities, and meets all legal requirements to serve as the chairman of the Supervisory Board [3]

Meeting Details - The second extraordinary general meeting of shareholders for 2025 will be held on July 16, 2025, at 14:30 [1] - The meeting will take place at Jin Sen Building, No. 50, Shuinan Sanhua South Road, Jianle County, Fujian Province [1] - Shareholders can participate through both on-site voting and online voting via the Shenzhen Stock Exchange systems [2] Attendance and Voting - A total of 67 shareholders and representatives attended the meeting, representing 157,610,595 shares, which is 66.8533% of the total voting shares [2] - Out of the attendees, 4 shareholders were present at the meeting, representing 156,188,883 shares (66.2502% of total voting shares) [2] - Online voting included 63 shareholders, representing 1,421,712 shares (0.6030% of total voting shares) [2] Small Investor Participation - Among the attendees, 66 small investors represented 7,602,721 shares, accounting for 3.2248% of the total voting shares [3] - The meeting was attended by members of the board, supervisory board, and legal representatives [3] Resolutions and Voting Results - The meeting approved resolutions with a majority vote, where 157,592,993 shares (99.9937% of valid votes) were in favor [4] - Small investors voted 7,585,119 shares in favor (99.7685% of their valid votes), with 7,702 shares against (0.1013%) and 9,900 shares abstaining (0.1302%) [4] - The cumulative voting system was used to elect non-independent directors, with 156,310,042 shares (99.1748%) voting in favor of Mr. Pan Longying and 156,301,911 shares (99.1697%) for Mr. Fan Kai [5] Legal Compliance - The meeting and its resolutions complied with relevant laws and regulations, ensuring the legality and validity of the decisions made [5]

Core Viewpoint - The legal opinion from Beijing Deheng (Shenzhen) Law Firm confirms that the second extraordinary general meeting of Fujian Jinsen Forestry Co., Ltd. held on July 16, 2025, complied with relevant laws and regulations, ensuring the legality of the meeting's procedures and outcomes [1][4][6]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors, and the notice was published 15 days prior to the meeting, meeting the legal requirements [4][5]. - The meeting took place at the specified time and location, with both on-site and online voting conducted as per the notice [4][5]. - The legal opinion asserts that the convening and holding procedures of the meeting are in accordance with the Company Law and the rules governing shareholder meetings [4][6]. Group 2: Attendance and Voting - A total of 67 shareholders and their proxies attended the meeting, representing 157,610,595 shares, which is 66.8533% of the total voting shares [5][6]. - The meeting's voting process included both on-site and online votes, with results being consistent with the agenda outlined in the notice [6][7]. - The voting results showed overwhelming support for the resolutions, with 99.9888% of the votes in favor of the proposals [7][8]. Group 3: Resolutions and Legal Validity - The resolutions passed during the meeting included the election of Zhang Xiaoguang as a supervisor and the appointment of Pan Longying and Fan Kai as non-independent directors, with significant majority votes [7][8]. - The legal opinion concludes that all aspects of the meeting, including the proposals and voting results, comply with the Company Law and other relevant regulations, affirming their legality [8][9].