Group 1 - A new company named Dongyi Wood Industry Co., Ltd. has been established in Dongxiang District, Fuzhou City, with a registered capital of 1 million RMB [1] - The legal representative of the company is Huang Yaohong [1] - The company's business scope includes wood harvesting, wood processing, wood sales, and various environmental and forestry services [1] Group 2 - The company is involved in the sale of building materials, coal and its products, and ecological environment materials [1] - It also engages in research and development of new material technologies and recycling of construction waste [1] - Additional services include pest control, urban greening management, and forest fire prevention [1]

Group 1 - The core point of the article indicates that China's lumber imports in June 2025 reached 1.9 million cubic meters, representing a year-on-year decrease of 14.5%, with an import value of 487 million USD, down 16% year-on-year [1] Group 2 - The data source for the information is from China Customs, and the analysis is organized by Zhiyan Consulting, a leading industry consulting firm in China [3]

Group 1 - The establishment of Pingchang Yaxinsheng Wood Processing Co., Ltd. has been recently reported, with a registered capital of 100,000 RMB [1] - The legal representative of the company is Ju Huafeng, indicating a new player in the wood processing industry [1] - The company's business scope includes wood processing, wood acquisition, wood sales, and construction wood materials processing, among other activities [1] Group 2 - The company is also involved in forest improvement and labor services, excluding labor dispatch [1] - It has specific licensed activities such as timber harvesting and production of forest tree seeds, which require approval from relevant authorities [1] - The company is permitted to conduct business activities autonomously based on its business license, except for projects that require legal approval [1]

Group 1 - A new individual business named Guangyuan Zhaohua District Jiaxing Wood Processing Factory has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Fan Jiaxing [1] - The business scope includes general projects such as wood processing, wood acquisition, and wood sales, along with a licensed project for wood harvesting [1]

Core Viewpoint - A new individual business named Shengyixing Wood Trading Co., Ltd. has been established in Deyang City, Jingyang District, with a registered capital of 50,000 RMB, focusing on various wood-related activities and construction materials sales [1] Company Summary - The legal representative of the newly established company is Gong Xujia [1] - The business scope includes wood sales, wood acquisition, wood processing, sales of building materials, sales of decorative materials, retail of hardware products, machinery equipment leasing, installation services for ordinary machinery, and sales of engineered wood [1]

天眼查App显示，近日，森仕木业（韶关市）有限公司成立，注册资本50万人民币，经营范围为一般项 目：树木种植经营；木材加工；木材收购；木材销售；建筑用木料及木材组件加工；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；竹木碎屑加工处理；生物质成型燃料销售；农副产品 销售；食用农产品初加工；农林牧渔业废弃物综合利用；生物质燃料加工；林业产品销售；林业专业及 辅助性活动；装卸搬运；竹材采运；厨具卫具及日用杂品批发；厨具卫具及日用杂品零售；日用品销 售；日用木制品销售；互联网销售（除销售需要许可的商品）；日用百货销售。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）许可项目：木材采运；道路货物运输（不含危险货物）。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint - The log spot market was basically stable this week, with port inventories decreasing, outbound volume remaining stable, and spot prices rising due to increased inquiries from futures - spot traders. The 09 contract is approaching delivery, with a significant increase in log warehouse receipts, and the futures price is under pressure and expected to operate weakly [4] 3. Summary by Relevant Catalogs Spot Price - In Shandong, for radiation pine, 3.9 - meter medium A is 750 yuan/m³, 5.9 - meter medium A is 790 yuan/m³, 3.9 - meter small A is 720 yuan/m³, 5.9 - meter small A is 730 yuan/m³; in Jiangsu, 4 - meter medium A is 770 yuan/m³, 6 - meter medium A is 800 yuan/m³, 4 - meter small A is 720 yuan/m³, 6 - meter small A is 750 yuan/m³ [4] Outer - disk Quotation - The price range of 4 - meter medium A radiation pine in July is 113 - 117 dollars/JAS m³, up 6 dollars from June's 110 - 111 dollars/JAS m³ [4] Futures Price - LG2511 contract is 823.5 yuan/m³, up 2 yuan from the previous period; LG2509 contract is 804.5 yuan/m³, down 1 yuan from the previous period [4] Downstream Wood Square Price - In Shandong, the price of 4000*50*100 wood square is 1270 yuan, unchanged from the previous period; in Jiangsu, it is 1280 yuan, up 20 yuan from the previous period [4] Supply (Import Volume) - In June 2025, New Zealand's import volume was 167.3 million m³, North American timber was 9.5 million m³, and European timber was 19 million m³. New Zealand's shipment volume to China from August 4 - 10 was 26 million JAS m³, down from 27 million JAS m³ from July 28 - August 3 [4] Inventory - On August 15, the total inventory was 306 million m³, with Shandong's inventory at 185 million m³ and Jiangsu's at 98 million m³ [4] Demand (Daily Outbound Volume) - On August 15, the daily outbound volume was 6.33 million m³, with Shandong's at 3.59 million m³ and Jiangsu's at 2.32 million m³ [4]

Group 1 - A new individual business, Honghui Wood Processing Factory, has been established in Dongguan Town, Lianping County, with a registered capital of 100,000 RMB [1] - The business scope includes licensed projects such as timber harvesting and transportation, which require approval from relevant authorities before operation [1] - General projects include wood processing, wood sales, wood acquisition, and processing of construction timber and wood components, which can be conducted independently with a business license [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The main contract closed at 805.5 (-5.5), with a reduction of over 2,500 lots. The 09 contract is unlikely to see intense trading due to continuous position - reduction. [3] - Fundamentally, the situation is strengthening marginally. Spot prices have been rising, daily outbound volume remains high, inventory is decreasing and at a low level over the years. The supply - demand pattern is relatively balanced. [3] - Considering the buyer's willingness and the seller's warehouse receipt cost, the current price valuation range is 800 - 840 yuan. When the price is below 800 yuan, buying on the futures market is better than direct import; when it is above 840 yuan, there will be profits from making warehouse receipts. [3] - In terms of trading, when funds enter, the upward possibility is greater than the downward one. The strategy is to mainly go long on dips and supplement with high - selling. The 09 - 11 positive spread arbitrage should exit. [3] 3. Summary by Relevant Catalogs Log Price Range Forecast - The monthly price range forecast for logs is 800 - 840 yuan, with a current 20 - day rolling volatility of 16.28% and a 3 - year historical percentile of 67.4%. [2] Log Hedging Strategy - **Inventory Management**: When log imports are high and inventory is at a high level, and there are concerns about price drops, enterprises with long spot exposure can short log futures (lg2509) with a 25% hedging ratio at an entry range of 820 - 840 yuan to lock in profits and cover production costs. [2] - **Procurement Management**: When the regular procurement inventory is low and enterprises want to purchase according to orders, those with short spot exposure can buy log futures (lg2509) with a 25% hedging ratio at an entry range of 790 - 800 yuan to lock in procurement costs in advance. [2] Core Contradiction - The main contract closed at 805.5 (-5.5), with a reduction of over 2,500 lots. The 09 contract is unlikely to have intense trading. [3] - Fundamentally, the situation is strengthening marginally. Spot prices are rising, daily outbound volume is high, inventory is decreasing and at a low level. The supply - demand pattern is relatively balanced. [3] - The price valuation range is 800 - 840 yuan. The current futures price is in a reasonable range. The strategy is to mainly go long on dips and supplement with high - selling. The 09 - 11 positive spread arbitrage should exit. [3] 利多 and 利空 Factors - **Likely Positive Factors**: Traders have the intention to jointly support prices due to continuous import losses; import costs continue to rise; the overall sentiment of commodities is warming up; and there is an impact from funds. [6] - **Likely Negative Factors**: The peak season is not prosperous; the shipping volume from foreign suppliers continues to rise. [6] Spot and Basis - Provides spot price, price change, and basis data for different specifications of logs at different ports on August 20, 2025, including 3.9 large (3.8A) at Rizhao Port, 4 large (3.8A) at Taicang Port, etc. [4][9] Log Data Overview - **Supply**: The radiation pine import volume in June 2025 was 1.61 million m³, a month - on - month decrease of 80,000 m³ but a year - on - year increase of 35.3%. [7] - **Inventory**: As of August 15, 2025, the port inventory in China was 3.06 million m³, a week - on - week decrease of 20,000 m³ and a year - on - year decrease of 8.4%. [7] - **Demand**: As of August 15, 2025, the average daily outbound volume of logs at ports was 63,300 m³, a week - on - week decrease of 900 m³ but a year - on - year increase of 28.9%. [7] - **Profit**: The import profit of radiation pine and spruce on August 15, 2025, was - 87 yuan/m³ and - 81 yuan/m³ respectively. [7] - **Foreign Market Quotation**: The CFR on August 15, 2025, was 116 US dollars/JASm³, with no change week - on - week and a year - on - year decrease of 1.7%. [7]

Report 1: Natural Rubber 1. Report Industry Investment Rating Not provided 2. Core View The current natural rubber market lacks clear directional guidance, with long and short positions intertwined. The price is expected to fluctuate in a range, with the 01 contract's reference range at 15,000 - 16,500 yuan/ton. Follow-up attention should be paid to the raw material supply situation during the peak production period in the main producing areas. If the raw material supply increases smoothly, consider shorting at high prices [1]. 3. Summary by Directory Spot Price and Basis - The price of Yunnan state - owned whole latex in Shanghai on August 19 was 14,850 yuan/ton, down 50 yuan or 0.34% from the previous day. The whole milk basis (switched to the 2509 contract) was - 920 yuan/ton, down 105 yuan or 11.41% [1]. - The price of Thai standard mixed rubber on August 19 was 14,650 yuan/ton, up 50 yuan or 0.34% from the previous day [1]. Monthly Spread - The 9 - 1 spread on August 19 was - 995 yuan/ton, up 40 yuan or 3.86% from the previous day [1]. - The 1 - 5 spread was - 82 yuan/ton, up 10 yuan or 10.53% from the previous day [1]. - The 5 - 9 spread was 1080 yuan/ton, down 50 yuan or - 4.42% from the previous day [1]. Fundamental Data - In June, Thailand's natural rubber production was 392.6 thousand tons, up 120.4 thousand tons or 44.23% from the previous month. Indonesia's production was 176.2 thousand tons, down 24.1 thousand tons or - 12.03% [1]. - The weekly operating rate of semi - steel tires was 72.07%, down 2.28 percentage points from the previous week. The weekly operating rate of all - steel tires was 61.00%, down 2.09 percentage points from the previous week [1]. - In July, domestic tire production was 9436.4 million pieces, down 838.5 million pieces or - 8.16% from the previous month. Tire export volume was 6665.0 million pieces, up 634.0 million pieces or 10.51% [1]. Inventory Change - As of August 19, the bonded area inventory (bonded + general trade inventory) was 619,852 tons, down 11,918 tons or 1.89% from the previous day [1]. - The factory - warehouse futures inventory of natural rubber on the SHFE (weekly) was 46,469 tons, up 4234 tons or 10.02% from the previous week [1]. Report 2: Polysilicon 1. Report Industry Investment Rating Not provided 2. Core View Last week, the polysilicon price fluctuated strongly. It is expected to mainly fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit between 58,000 - 60,000 yuan/ton. Consider buying on dips, and buy put options to short at high prices when the volatility is low. Also, consider buying straddle options when the volatility is low [2]. 3. Summary by Directory Spot Price and Basis - The average price of N - type reclaimed materials on August 19 was 47,000 yuan/ton, unchanged from the previous day [2]. - The N - type material basis (average price) was - 5260 yuan/ton, up 20 yuan or 0.38% from the previous day [2]. Futures Price and Monthly Spread - The price of the main contract on August 19 was 52,260 yuan/ton, down 20 yuan or 0.04% from the previous day [2]. - The spread between the current month and the first - continuous contract was - 215 yuan/ton, down 80 yuan or 59.26% from the previous day [2]. Fundamental Data - Weekly polysilicon production was 2.93 million tons, down 0.01 million tons or 0.34% from the previous week. Weekly silicon wafer production was 12.10 GM, up 0.08 GM or 0.67% [2]. - Monthly polysilicon production was 10.10 million tons, up 0.49 million tons or 5.10% from the previous month. Monthly polysilicon imports were 0.08 million tons, down 0.02 million tons or 16.90% [2]. Inventory Change - The polysilicon inventory was 24.20 million tons, up 0.90 million tons or 3.86% from the previous day. The silicon wafer inventory was 19.80 GM, up 0.69 GM or 3.61% [2]. Report 3: Industrial Silicon 1. Report Industry Investment Rating Not provided 2. Core View Last week, the industrial silicon price fluctuated strongly. It is recommended to buy on dips. The main price fluctuation range is expected to be 8000 - 9500 yuan/ton. If the price falls to the low level of 8000 - 8500 yuan/ton, consider buying on dips [3]. 3. Summary by Directory Spot Price and Main Contract Basis - The price of East China oxygen - passed SI5530 industrial silicon on August 19 was 9400 yuan/ton, unchanged from the previous day [3]. - The basis of East China SI4210 industrial silicon (based on SI4210) was 325 yuan/ton, down 20 yuan or 5.80% from the previous day [3]. Monthly Spread - The spread between the 2509 and 2510 contracts on August 19 was - 30 yuan/ton, down 10 yuan or 50.00% from the previous day [3]. - The spread between the 2510 and 2511 contracts was 10 yuan/ton, up 15 yuan or 300.00% from the previous day [3]. Fundamental Data - Monthly national industrial silicon production was 33.83 million tons, up 1.06 million tons or 3.23% from the previous month. Xinjiang's production was 15.03 million tons, down 2.70 million tons or 15.21% [3]. - The national industrial silicon operating rate was 52.61%, up 1.27 percentage points or 2.47% from the previous month [3]. Inventory Change - The Xinjiang factory - warehouse inventory (weekly) on August 19 was 11.70 million tons, up 0.01 million tons or 0.09% from the previous day [3]. - The social inventory (weekly) was 54.50 million tons, down 0.20 million tons or 0.37% from the previous day [3]. Report 4: Glass and Soda Ash 1. Report Industry Investment Rating Not provided 2. Core View Soda Ash The soda ash futures market is weak. The fundamental situation is in obvious surplus, and the demand has no growth expectation. Short positions can continue to be held [4]. Glass The glass market is in a continuous weak operation. The market negative feedback continues, and the overall spot price is difficult to increase further. The long - term industry needs capacity clearance to solve the over - supply problem [4]. 3. Summary by Directory Glass - Related Price and Spread - The North China glass quotation on August 19 was 1150 yuan/ton, unchanged from the previous day. The glass 2505 contract price was 1291 yuan/ton, down 17 yuan or 1.30% from the previous day [4]. - The 05 basis was - 141 yuan/ton, up 17 yuan or 10.76% from the previous day [4]. Soda Ash - Related Price and Spread - The North China soda ash quotation on August 19 was 1350 yuan/ton, unchanged from the previous day. The soda ash 2505 contract price was 1413 yuan/ton, down 29 yuan or 2.01% from the previous day [4]. - The 05 basis was - 63 yuan/ton, up 29 yuan or 31.52% from the previous day [4]. Supply - The soda ash operating rate on August 15 was 87.32%, up 2.24 percentage points from August 8. The weekly soda ash production was 76.13 million tons, up 1.7 million tons or 2.23% [4]. - The float glass daily melting volume was 15.96 million tons, unchanged from August 8 [4]. Inventory - The glass factory - warehouse inventory on August 15 was 6342.60 million heavy boxes, up 157.9 million heavy boxes or 2.55% from August 8 [4]. - The soda ash factory - warehouse inventory on August 15 was 189.38 million tons, up 2.9 million tons or 1.54% from August 8 [4]. Report 5: Log Futures 1. Report Industry Investment Rating Not provided 2. Core View The log futures price is currently oscillating in a range. The fundamentals are expected to improve marginally, and the spot market is strong in the short - term. It is recommended to participate in buying on dips, focusing on the support level around 800 yuan/ton [5]. 3. Summary by Directory Futures and Spot Price - The log 2509 contract price on August 19 was 810.5 yuan/cubic meter, down 0.5 yuan/cubic meter from the previous day. The 9 - 11 spread was - 14.5 yuan/cubic meter, down 1.5 yuan from the previous day [5]. - The price of 3.9A small radiata pine at Rizhao Port on August 19 was 720 yuan/cubic meter, unchanged from the previous day [5]. Cost - The RMB - US dollar exchange rate on August 19 was 7.183, up 0.001 from the previous day. The import theoretical cost was 818.77 yuan, up 0.15 yuan from the previous day [5]. Supply - The port shipping volume in July was 173.3 million cubic meters, down 2.7 million cubic meters or 1.51% from June [5]. - The number of departing ships from New Zealand to China, Japan and South Korea was 47.0, down 6.0 or 11.32% from the previous period [5]. Inventory - The main port inventory in China on August 15 was 306.00 million cubic meters, down 2.0 million cubic meters or 0.65% from August 8 [5]. - Shandong's inventory was 185.40 million cubic meters, down 7.2 million cubic meters or 3.74% from August 8 [5]. Demand - The average daily log outbound volume in China on August 15 was 6.33 million cubic meters, down 0.09 million cubic meters or 1% from August 8 [5]. - Shandong's average daily outbound volume was 3.59 million cubic meters, down 0.05 million cubic meters or 1% from August 8 [5].