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].

面积、范围和功 能分区 南农晨读 | 山居 小憩 时光柔软_ 南方+_南方plus 【今日关注】 一张证盘活一片 林：广东首张林 下经济收益权证 在肇庆发放 近日，肇庆封开 县首期林下经济 收益权证授信签 约仪式举行，广 东仙草岭农业发 展有限公司获颁 发全省首张林下 经济收益权证， 并获得封开农商 银行授信支持。 这标志着该县在 深化集体林权制 度改革中取得关 键突破，为全省 破解林业融资难 题提供了"封开 方案" 。 国家林业和草原 局公布黄岩岛国 家级自然保护区 9月10日，国家 林业和草原局发 布公告，公布黄 岩岛国家级自然 保护区面积、范 围和功能分区。 据公告，黄岩岛 国家级自然保护 区位于海南省三 沙市，面积 3523.67公顷， 其中核心区面积 1242.55公顷， 实验区面积 2281.12公顷， 主要保护对象为 珊瑚礁生态系 统。 化身民宿茶园微 工厂！肇庆318 【乡村振兴】 处"老校舍"迎 来"新学期" | 众 说百千万⑭ "60多个孩子一 起追逐、读书、 思辨……今年民 宿举办的夏令营 让我感受到，这 所曾经的学校并 没有褪去它原本 的颜色，而是换 了一种方式继续 生长。"在肇庆 市 ...

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]

厚植林区生态绿色家底 近年来，大兴安岭把森林资源严格保护、科学经营摆在突出位置，完成森林抚育、森林可持续经营、退 化林修复等任务近500万亩，启动实施呼玛河流域等一批区域"双重"工程项目，4处湿地被列入国家重要 湿地名录。同时，常态化开展"兴安绿剑"等检查行动，坚决打击毁林开垦、猎捕野生动物等违法行为， 林区森林资源保持连续增长，森林蓄积量年均增长1000万立方米以上，森林覆盖率达87.7%，生物多样 性更加丰富，野生动物种群数量不断增加，憨态可掬的狍子、活蹦乱跳的驼鹿经常与游客们"偶遇"，绘 就一幅人与自然和谐共生的美好画卷。 近年来，黑龙江省大兴安岭地区认真贯彻党中央决策部署，坚持造林与护林并重，做到未雨绸缪、防患 于未然，推动振兴发展迈出坚实步伐，八万里兴安更加苍翠雄壮，莽莽林海焕发勃勃生机。 构筑森林防火立体防线 大兴安岭广大干部职工将森林防火作为头等大事，在实践中不断深化"地企协同、防扑一体、联防联 控"机制，统筹推进"五统一"标准化体系建设，通过卫星监测、空中巡查、高点瞭望、地面巡护、物联 感知等手段，实时监测万顷山林，依托三维雷电探测、无人机等新技术，为火情精准防控赋能增效，各 区域各单位宁可向 ...

Group 1 - The core point of the article is the establishment of a new company, Zhonglin (Zhaoqing) Forestry Development Co., Ltd., by China Forestry Group in Zhaoqing, Guangdong [1] - The new company has a registered capital of 150 million RMB and its business scope includes artificial afforestation, forest management and protection, forest transformation, and tree planting operations [1] - The company is wholly owned by China Forestry Group Co., Ltd., indicating a strategic move to expand its operations in the forestry sector [1]

Group 1 - The forestry sector experienced a slight increase of 0.37% on September 11, with Pingtan Development leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up by 1.65%, while the Shenzhen Component Index closed at 12979.89, up by 3.36% [1] - Key stocks in the forestry sector showed mixed performance, with Pingtan Development closing at 3.35, up by 0.90%, and Fujian Jinsen down by 0.73% at 10.90 [1] Group 2 - The net outflow of main funds in the forestry sector amounted to 54.8835 million yuan, while retail investors saw a net inflow of 43.5347 million yuan [1] - Detailed fund flow data indicated that Yong'an Forestry had a main fund net outflow of 45,700 yuan and a retail net inflow of 114,940 yuan [2] - ST Jinggu experienced a significant main fund net outflow of 5.5103 million yuan, but had a retail net inflow of 91,840 yuan [2]

1. Natural Rubber Industry - **Report Industry Investment Rating**: Not mentioned - **Core Viewpoint**: The fundamentals of natural rubber have changed little. The upstream cost side still provides support, while downstream users are resistant to high - priced raw materials. The reference range for the 01 contract is 15,000 - 16,500. Follow - up attention should be paid to the raw material output in the peak production season of the main producing areas and the possible impact of the La Nina phenomenon on supply. If raw material supply is smooth, consider short - selling; if supply is restricted, rubber prices are expected to remain high [1] - **Summary by Directory** - **Spot Price and Basis**: On September 10, the price of Yunnan Guofu standard rubber (SCRWF) in Shanghai dropped to 15,050 yuan/ton, a decrease of 1.31%. The new basis difference decreased by 34.78%. The price of Thai standard mixed rubber remained unchanged at 15,000 yuan/ton. The price of cup rubber in the international market increased slightly by 0.29%, while the price of glue remained unchanged. The price of natural rubber raw materials in Hainan increased by 1.49% [1] - **Monthly Spread**: The 9 - 1 spread decreased by 0.51%, the 1 - 5 spread increased by 22.22%, and the 5 - 9 spread decreased by 0.49% [1] - **Fundamental Data**: In July, Thailand's production increased by 1.61%, Indonesia's by 12.09%, and India's decreased by 2.17%. China's production decreased by 1.30. The weekly开工 rate of semi - steel and all - steel automobile tires decreased. Domestic tire production decreased by 8.16%, while tire exports increased by 10.51%. The import of natural rubber increased by 2.47%, and the import of natural and synthetic rubber (including latex) increased by 5.40%. The production cost of dry rubber in Thailand increased, and the production profit margin decreased [1] - **Inventory Change**: The bonded area inventory decreased by 0.64%, and the factory - warehouse futures inventory of natural rubber on the SHFE increased by 1.99%. The inbound and outbound rates of dry rubber in Qingdao's bonded and general trade warehouses changed to varying degrees [1] 2. Polysilicon Industry - **Report Industry Investment Rating**: Not mentioned - **Core Viewpoint**: In September, the supply reduction is not obvious, and the demand for silicon wafers has increased slightly. The supply - demand relationship may show a slight de - stocking pattern. The spot price transmission mechanism is smooth, but the futures market is more influenced by policy expectations. Short - term price fluctuations should be watched out for [2] - **Summary by Directory** - **Spot Price and Basis**: On September 10, the average price of N - type re - feed decreased by 0.10%, and the average price of N - type granular silicon remained unchanged. The basis of N - type materials increased by 30.47%. The prices of some silicon wafers, battery cells, and components remained stable, while the price of N - type 210mm components for centralized projects increased by 0.29% [2] - **Futures Price and Monthly Spread**: The main contract price decreased by 1.19%. The spread between the current month and the first - continuous contract increased by 104.65%, and the spreads between other contracts changed to varying degrees [2] - **Fundamental Data**: Weekly, silicon wafer production increased by 3.53%, and polysilicon production decreased by 2.58%. Monthly, polysilicon production increased by 23.31%, imports by 40.30%, exports by 5.96%, and net exports decreased by 14.92%. Silicon wafer production increased by 6.24%, imports decreased by 15.41%, exports increased by 11.37%, and net exports increased by 15.56%. The demand for silicon wafers increased by 0.14% [2] - **Inventory Change**: Polysilicon inventory decreased by 0.94%, silicon wafer inventory decreased by 6.65%, and polysilicon warehouse receipts increased by 7.28% [2] 3. Industrial Silicon Industry - **Report Industry Investment Rating**: Not mentioned - **Core Viewpoint**: The cost of industrial silicon is expected to rise, and although production has increased, there are signs of capacity clearance. The supply - demand relationship was in tight balance in August. If some capacities are cleared in the long - term, supply pressure will ease. It is recommended to try long positions at low prices, with the main price fluctuation range of 8,000 - 9,500 yuan/ton [3] - **Summary by Directory** - **Spot Price and Main Contract Basis**: On September 10, the prices of East China oxygen - passing SI5530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 silicon remained unchanged. The basis of each type decreased to varying degrees [3] - **Monthly Spread**: The spreads between different contracts changed significantly, such as the 2509 - 2510 spread decreased by 206.25% [3] - **Fundamental Data**: Monthly, national industrial silicon production increased by 14.01%, with increases in Xinjiang, Yunnan, and Sichuan. The national开工 rate increased by 6.20%. The production of organic silicon DMC, polysilicon increased, while the production of recycled aluminum alloy decreased. Industrial silicon exports increased by 8.32% [3] - **Inventory Change**: Xinjiang's inventory increased slightly by 0.25%, while Yunnan's and Sichuan's factory - warehouse inventories decreased. Social inventory decreased by 0.74%, warehouse receipt inventory increased by 0.18%, and non - warehouse receipt inventory decreased by 1.53% [3] 4. Log Industry - **Report Industry Investment Rating**: Not mentioned - **Core Viewpoint**: The log futures are in a volatile pattern. The spot market is weak, and the import enthusiasm of traders is low. Supply is expected to remain low in September. Inventory is low and has been decreasing. Demand remains above 60,000 cubic meters but has not improved significantly. The current futures valuation is relatively low, and it is recommended to go long at low prices [4] - **Summary by Directory** - **Futures and Spot Price**: On September 10, the price of the log 2511 contract increased to 806.5 yuan/cubic meter. The spot prices of different types of radiation pine and spruce in ports remained unchanged. The new round of foreign quotes decreased to the range of 114 US dollars/JAS cubic meter [4] - **Spread and Basis**: The 9 - 11 spread and 9 - 1 spread, as well as the basis of each contract, changed to varying degrees [4] - **Supply**: In the previous week, the arrival volume at 12 ports in China reached a new low of about 170,000 cubic meters. This week, 11 ships of New Zealand logs are expected to arrive at 12 ports in China, with a total arrival volume of about 402,000 cubic meters, a week - on - week increase of 136% [4] - **Inventory**: As of September 5, the total inventory of coniferous logs in the country was 2.94 million cubic meters, showing a continuous decreasing trend [4] - **Demand**: As of September 5, the average daily log outbound volume was 61,200 cubic meters, showing a slight decline but still remaining above 60,000 cubic meters [4] 5. Glass and Soda Ash Industry - **Report Industry Investment Rating**: Not mentioned - **Core Viewpoint** - **Soda Ash**: The futures market continues to be weak and volatile. The fundamental logic of oversupply persists. Although inventory has not increased significantly this week, it has actually shifted to the middle and lower reaches. Supply has returned to a high level. In the medium - term, demand will remain at a rigid level. The supply is high after the traditional summer maintenance season. If there is no actual capacity exit or load reduction, inventory will face further pressure. It is recommended to short on rebounds [5] - **Glass**: The news of the conversion of coal - fired gas production lines to clean energy in the Shahe area caused the futures market to rise. However, the specific conversion time is undetermined, and the shutdown time is expected to be limited. There are still some restart and ignition plans in the future. The inventory of manufacturers in the Shahe area is increasing, and the inventory of the middle - stream has not decreased significantly. Deep - processing orders have improved seasonally but are still weak. In the long - term, the real - estate cycle is at the bottom, and the industry needs capacity clearance. It is recommended to wait and see in the short - term and pay attention to the actual demand in the peak season [5] - **Summary by Directory** - **Glass - Related Prices and Spreads**: The prices of glass in different regions changed to varying degrees. The prices of glass 2505 and 2509 contracts decreased. The 05 basis increased by 7.75% [5] - **Soda Ash - Related Prices and Spreads**: The prices of soda ash in different regions remained unchanged. The price of the soda ash 2505 contract decreased by 0.37%, and the price of the 2509 contract increased by 0.22%. The 05 basis increased by 8.62% [5] - **Supply**: The soda ash开工 rate increased by 4.55%, and the weekly production increased to 751,700 tons. The daily melting volume of float glass and photovoltaic glass remained unchanged. The price of 3.2mm coated glass increased by 8.11% [5] - **Inventory**: Glass inventory increased by 0.77%, soda ash factory inventory decreased by 2.43%, soda ash delivery warehouse inventory increased by 8.03%, and the number of days of soda ash inventory in glass factories decreased by 12.54% [5] - **Real - Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real - estate all showed different degrees of decline [5]

Core Insights - The article highlights significant advancements in China's natural resource management during the "14th Five-Year Plan" period, emphasizing the importance of resource protection and sustainable development [1][2][8] Group 1: Agricultural and Land Resources - National cultivated land area reached 1.94 billion acres, with an increase of 28 million acres by the end of 2024 compared to 2020, establishing a three-dimensional protection framework for quantity, quality, and ecology [2][4] - Comprehensive land remediation efforts have been implemented, with over 10 million acres completed nationwide [4][6] 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][3] - Strategic mineral resources such as oil, gas, copper, and lithium have seen significant exploration and development progress, supporting stable production levels [2][3] Group 3: Marine Resources - The marine economy has shown strong growth, with a marine production value of 10.5 trillion yuan, an increase of 2.7 trillion yuan since 2020 [1][3] - China has become a leader in marine industries, maintaining the world's highest total marine product output for 36 consecutive years [3] Group 4: Ecological and Environmental Protection - Forest coverage has reached 25.09%, with significant increases in forest, grassland, and wetland areas, contributing to climate change mitigation goals [1][3][4] - The "Three North" project has successfully implemented 415 projects, restoring 16.4 million acres of land [4][8] Group 5: National Parks and Biodiversity - The establishment of five national parks has been completed, integrating over 120 existing natural reserves and enhancing ecosystem protection [5][6] - Biodiversity has improved, with significant increases in populations of endangered species such as the wild giant panda and Northeast tiger and leopard [5] Group 6: Digital Governance and Resource Management - The implementation of a unified management platform for natural resources has improved governance efficiency, reducing approval times for land and resource use [7][8] - Innovative projects and international collaborations in geographic information and environmental restoration have been initiated, contributing to global sustainable development [7][8]

Group 1 - Greenheart Group (00094) resumed trading and surged by 100%, reaching a price of 0.098 HKD with a trading volume of 543,900 HKD [1] - The company announced the sale of its New Zealand assets to independent third party Ingka Investments Forest Assets NZ Limited for approximately 134 million NZD, equivalent to about 615.5 million HKD [1] - Following the completion of the asset sale, the company plans to distribute a special dividend of 0.01 HKD per share to its shareholders [1]