Core Viewpoint - Eucalyptus is a versatile species that integrates economic, ecological, and social benefits, and its water consumption controversy should not be oversimplified [1][9][16] Economic Impact - Eucalyptus serves as a "green engine," significantly contributing to regional economic development, particularly in southern China, where it supports industries like wood processing and paper production [2][5] - The eucalyptus industry in Guangxi has created a complete industrial chain, enhancing local living standards and laying a foundation for sustainable regional economic growth [2][5] Ecological Value - Eucalyptus has multiple ecological benefits, including soil stabilization and air purification, with its artificial forests showing strong carbon sequestration capabilities [7][8] - Scientific management practices, such as extending rotation periods and intercropping with broadleaf species, can enhance the ecological functions of eucalyptus [9][12] Water Consumption Debate - The water consumption of eucalyptus is a complex issue that requires a nuanced understanding of various factors, including climate and soil conditions [8][9] - Long-term monitoring indicates that eucalyptus plantations can improve local microclimates and increase annual precipitation in surrounding areas [9] Innovative Cultivation Practices - Recent explorations of mixed planting models with eucalyptus have shown positive results in soil health and nutrient cycling, reducing reliance on chemical fertilizers [12][13] - The annual timber yield from eucalyptus plantations has significantly increased due to improved cultivation techniques, with some areas achieving yields of over 25 cubic meters per hectare [12][13] Sustainable Development - Eucalyptus plantations are being integrated into sustainable development frameworks in regions like Guangdong, contributing to ecological and aesthetic benefits [15][16] - The ongoing international trade dynamics and environmental discussions necessitate a scientific approach to eucalyptus management to ensure the security of China's timber industry [16]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The report indicates a weak - demand situation in the log market, with prices showing an oscillatory downward trend. It suggests a wait - and - see approach due to factors such as the upcoming seasonal demand slump in May, reduced demand for construction materials caused by a decline in new housing starts, and a supply - stronger - than - demand pattern in the market. Attention should be paid to the delivery situation in July [3][5]. 3. Summary According to the Table of Contents 3.1 Basics - Trees can be classified into softwood (coniferous) and hardwood (broad - leaved) trees. Logs are divided into coniferous and broad - leaved logs, and log futures' deliverable items are coniferous logs. The benchmark deliverable item for log futures is radiata pine, and there are also alternative deliverable items with different specifications and corresponding price adjustments [13]. - The delivery area covers 9 major import provinces and cities, with Shandong as the benchmark delivery area. Different regions have different import volumes and corresponding premium or discount settings [14]. 3.2 Supply - In 2025, it is still the peak supply cycle for New Zealand. The import volume of logs has shown certain trends over the years, and different countries and tree species have different import proportions. For example, in 2024, New Zealand accounted for 68.3% of the import volume of coniferous logs [27][26]. 3.3 Demand - As of April 18, the average daily outbound volume of Chinese log ports was 70,000 cubic meters, a decrease of 10,000 cubic meters from the previous week. The real - estate market's development investment, new construction area, and other indicators have an impact on log demand. The export of furniture and related data also reflect the demand situation in the market [36][38]. 3.4 Inventory - As of April 18, the port inventory of Chinese coniferous logs was 351 cubic meters, a decrease of 8 cubic meters from the previous week. The inventory of North American logs decreased by 80,000 cubic meters, radiata pine decreased by 50,000 cubic meters, and spruce increased by 50,000 cubic meters [44][47]. 3.5 Price - This week, the spot prices remained stable. As of April 25, the spot price of 3.9 - meter medium - A radiata pine logs in Shandong was 780 yuan per cubic meter, the same as the previous week, with a basis of - 16 yuan per cubic meter. The prices of other types of logs also remained unchanged compared to the previous week [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The spot price of mainstream delivery products shows different trends, with some prices in Shandong slightly decreasing and others remaining flat, while European spruce and fir in the Jiangsu market are still in short supply [4]. - The supply of logs from New Zealand is expected to reach 1.76 million cubic meters in April, with 25 out of 29 vessels departing in April heading to China [4][7]. - The demand and inventory situation vary among ports. The total inventory of four major ports increased by 77,100 cubic meters compared to the previous week, with some ports experiencing inventory increases and others decreases [5][11]. - The futures market shows a weak and volatile trend, with the main contract LG2507 closing price down 3.2% from the previous week, and the monthly spread has widened [14]. 3. Summary by Directory 3.1 Overview - Spot price: For the mainstream delivery product of 3.9 - meter 30 + radiata pine, the Shandong market price is 780 yuan/cubic meter, slightly down from last week, and the Jiangsu market price is 785 yuan/cubic meter, unchanged from last week. The price of 3.9 - meter 40 + radiata pine in Shandong is 870 yuan/cubic meter, unchanged. The price of 5.9 - meter 30 + radiata pine in Shandong is 795 yuan/cubic meter, down 10 yuan/cubic meter from last week. European spruce and fir in the Jiangsu market have low trading volume and are in short supply [4]. - Supply: As of April 20, 29 vessels departed from New Zealand in April, 25 of which were bound for China and 4 for South Korea with load reduction. It is expected that about 16 vessels will arrive in April and 13 in May, with an expected arrival volume of 1.76 million cubic meters in April [4][7]. - Demand and inventory: As of the week of April 18, the daily average shipment volume of Lanshan Port was 22,500 cubic meters (a week - on - week increase of 4,400 cubic meters), and that of Taicang Port was 14,200 cubic meters (a week - on - week increase of 1,400 cubic meters). In terms of port inventory, Lanshan Port's inventory was about 132,580 cubic meters (a week - on - week increase of 13,800 cubic meters, + 11.62%), Taicang Port's inventory was about 58,840 cubic meters (a week - on - week decrease of 10,700 cubic meters, - 1.79%), Xinminzhou Port's inventory was about 30,350 cubic meters (a week - on - week decrease of 18,400 cubic meters), and Jiangdu Port's inventory was about 20,910 cubic meters (a week - on - week decrease of 31,800 cubic meters). The total inventory of the four major ports was 242,680 cubic meters, an increase of 77,100 cubic meters compared to the previous week [5][11]. - Other factors: As of the week of April 25, the Baltic Dry Index (BDI) was 1,373 points, an increase of 112 points (+ 8.9%) from the previous week. The related Handysize Shipping Index BHSI was 568 points, a decrease of 0.2% from the previous week. The Shanghai Export Container Freight Index (SCFI) was 1,347.84 points, a decrease of 1.7% from the previous week. In terms of exchange rates, the US dollar index continued to decline. As of the week, the US dollar - to - Chinese yuan exchange rate decreased by 0.2% from the previous week, and the US dollar - to - New Zealand dollar exchange rate also decreased by 0.2% from the previous week [5][54]. 3.2 Supply - As of April 20, 29 vessels departed from New Zealand in April, 25 of which were bound for China and 4 for South Korea with load reduction. It is expected that about 16 vessels will arrive in April and 13 in May, with an expected arrival volume of 1.76 million cubic meters in April. Detailed vessel information including departure time, load, current port, next port, and expected arrival time is provided [7]. 3.3 Demand and Inventory - As of the week of April 18, the daily average shipment volume of Lanshan Port was 22,500 cubic meters (a week - on - week increase of 4,400 cubic meters), and that of Taicang Port was 14,200 cubic meters (a week - on - week increase of 1,400 cubic meters). In terms of port inventory, Lanshan Port's inventory was about 132,580 cubic meters (a week - on - week increase of 13,800 cubic meters, + 11.62%), Taicang Port's inventory was about 58,840 cubic meters (a week - on - week decrease of 10,700 cubic meters, - 1.79%), Xinminzhou Port's inventory was about 30,350 cubic meters (a week - on - week decrease of 18,400 cubic meters), and Jiangdu Port's inventory was about 20,910 cubic meters (a week - on - week decrease of 31,800 cubic meters). The total inventory of the four major ports was 242,680 cubic meters, an increase of 77,100 cubic meters compared to the previous week. Detailed historical inventory data and changes of each port are also presented [11]. 3.4 Market Trends - As of April 25, the closing price of the main contract LG2507 was 796 yuan/cubic meter, a decrease of 3.2% from the previous week. The market showed a weak and volatile trend this week, with the fundamental supply - demand pattern remaining weak. The monthly spreads have widened, with the 07 - 09 monthly spread at - 16 yuan/cubic meter, the 07 - 11 monthly spread at - 20.5 yuan/cubic meter, and the 09 - 11 monthly spread at - 4.5 yuan/cubic meter [14]. 3.5 Price and Spread - **Spot price**: The prices of different tree species and specifications in Shandong and Jiangsu markets show different trends, with some remaining flat and others slightly decreasing or increasing over different time periods [19][21]. - **Regional spread**: The price spreads between Shandong and Jiangsu for different tree species and specifications are presented through data and charts, showing different trends and magnitudes [22][33][41]. - **Species and specification spread**: The price spreads between different tree species and specifications, such as 3.9 - meter radiata pine 30 + and 40 +, 3.9 - meter radiata pine 30 + and 5.9 - meter radiata pine 40 +, etc., are presented through data and charts [41][43][45]. 3.6 Other - Shipping and exchange rate factors are analyzed. As of the week of April 25, the Baltic Dry Index (BDI) was 1,373 points, an increase of 112 points (+ 8.9%) from the previous week. The related Handysize Shipping Index BHSI was 568 points, a decrease of 0.2% from the previous week. The Shanghai Export Container Freight Index (SCFI) was 1,347.84 points, a decrease of 1.7% from the previous week. In terms of exchange rates, the US dollar - to - Chinese yuan exchange rate decreased by 0.2% from the previous week, and the US dollar - to - New Zealand dollar exchange rate also decreased by 0.2% from the previous week. Detailed historical data and changes of related indices and exchange rates are provided [54][53].

Group 1 - The U.S. plans to increase the anti-dumping and countervailing duties on Canadian softwood lumber from 14.4% to 34.45% [1] - Canadian Prime Minister Carney warned that Trump's tariff policies could lead the U.S. into a recession, significantly increasing the risk of economic downturn [1] - Carney emphasized that the tariffs fundamentally harm the U.S. economy and, consequently, the global economy, leading to market reactions [1] Group 2 - Trump announced a 10% "baseline tariff" on all countries, effective April 5, with higher tariffs on countries with significant trade deficits to follow [2] - Carney stated that Canada would respond to U.S. auto tariffs with a 25% countermeasure, indicating ongoing trade tensions [2] - Economic experts predict that the tariffs could lead to a significant increase in U.S. inflation and a potential recession, with global economic growth slowing by at least 1 percentage point [3]