Economic Indicators - The ISM Services PMI fell from 52 in August to 50 in September, indicating stagnation in service sector expansion, below the market expectation of 51.7[2] - The Services PMI corresponds to an annualized GDP growth rate of 0.4%[2] - The Manufacturing PMI increased slightly from 48.7 in August to 49.1 in September, above the market expectation of 49, indicating a slowdown in contraction[2] Employment and Inflation - The employment index in the services sector rose from 46.5 to 47.2, showing a slower contraction[2] - The price index for services increased from 69.2 to 69.4, reflecting persistent inflationary pressures[2] - The number of initial unemployment claims decreased at the end of September compared to the beginning of the month, suggesting stability in the job market[1] Government Shutdown Impact - The government shutdown in October is expected to lead to 700,000 federal employees being furloughed, with an estimated GDP impact of 0.1-0.2 percentage points for each week of shutdown[1] - The Federal Reserve's October meeting may reference September data, with a 96.2% market expectation for no rate cut in October due to improved employment data and high inflation[1] Future Projections - The Federal Reserve is likely to pause rate cuts in October but may consider a rate cut in December as economic slowdown continues[1]

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 近一年中国家用或装饰用木制品出口情况统计图 相关报告：智研咨询发布的《2025-2031年中国木制品行业市场运营格局及未来前景分析报告》 根据中国海关数据显示：2025年7月中国家用或装饰用木制品出口数量为8万吨，同比增长5.9%，出口 金额为2.57亿美元，同比下降1.3%。 ...

近一年中国木及其制品出口情况统计图 近一年中国木及其制品进口情况统计图 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国木制品行业市场运营格局及未来前景分析报告》 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年7月中国木及其制品进口数量为362万吨，同比下降17.8%，进口金额为 11.07亿美元，同比下降16.3%，2025年7月中国木及其制品出口数量为143万吨，同比增长21.1%，出口 金额为14.29亿美元，同比增长7%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

天眼查App显示，近日，惠州市俊鑫木制品有限公司成立，注册资本10万人民币，经营范围为一般项 目：软木制品销售；日用木制品销售；竹制品销售；家具零配件销售；工艺美术品及礼仪用品销售（象 牙及其制品除外）；照明器具销售；日用玻璃制品销售；互联网销售（除销售需要许可的商品）；包装 服务。（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）。 ...

Economic Indicators - The ISM Services PMI increased from 50.1 in July to 52 in August, exceeding market expectations of 51, indicating economic expansion[2] - The Services PMI corresponds to an annualized GDP growth rate of 1.1%[2] - The Manufacturing PMI rose slightly from 48 in July to 48.7 in August, but remained below the market expectation of 49, indicating a continued contraction[2] Employment and Inflation - The employment index in the services sector slightly improved from 46.4 to 46.5, indicating ongoing weakness in the job market[2] - The price index for services decreased marginally from 69.9 to 69.2, but remains significantly high compared to the post-pandemic average[2] - If August's non-farm payrolls are below 50,000 and the unemployment rate rises to 4.3%, the Federal Reserve may consider rate cuts in September or October[1] Market Outlook - The new orders index in manufacturing surged from 47.1 to 51.4, marking the highest expansion rate since the beginning of the year[2] - The Federal Reserve's focus has shifted from inflation risks to a more balanced assessment due to recent labor market data adjustments[2] - Further rate cuts are anticipated in December and potentially two more in the following year as economic growth stabilizes and inflation decreases[1]

Core Insights - The report by Zhiyan Consulting analyzes the market operation pattern and future prospects of the wooden products industry in China from 2025 to 2031 [1] Export Data Summary - In June 2025, the export volume of household or decorative wooden products from China reached 80,000 tons, representing a year-on-year increase of 0.5% [1] - The export value for the same period was $261 million, showing a year-on-year decline of 2.6% [1] Company Profile - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The company has over a decade of experience in the industry research field, providing comprehensive industry solutions to empower investment decisions [1]

Core Viewpoint - Zhongke Biological (01237.HK) reported a slight increase in revenue for the first half of 2025, rising by 7.0% to RMB 199.5 million compared to the same period last year [1] Financial Performance - The company recorded a gross profit margin of 12.9%, up from 7.2% in the first half of 2024 [1] - Gross profit for the period was RMB 15.7 million, an increase from RMB 13.4 million in the first half of 2024 [1] - The company achieved a profit of approximately RMB 8.8 million, a turnaround from a loss of RMB 1.7 million in the first half of 2024 [1] Business Segments - The core business segments include the production and sale of wooden products and the production and sale of renewable energy products [1] - Revenue from the two business segments was approximately RMB 198.1 million and RMB 1.4 million, accounting for 99.3% and 0.7% of total revenue, respectively [1]

Core Insights - The report by Zhiyan Consulting analyzes the market operation pattern and future prospects of the wooden products industry in China from 2025 to 2031 [1] Import and Export Data - In June 2025, China's import volume of wood and its products was 3.81 million tons, a year-on-year decrease of 5.4%, with an import value of 1.053 billion USD, down 14.4% year-on-year [1] - In June 2025, China's export volume of wood and its products was 1.3 million tons, a year-on-year increase of 8.4%, with an export value of 1.382 billion USD, down 2.3% year-on-year [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its professional perspective, quality services, and keen market insights to provide comprehensive industry solutions that empower investment decisions [1]

Group 1 - A new company named Yangdong District Chaotai Industry and Trade Co., Ltd. has been established in Yangjiang City with a registered capital of 100,000 RMB [1] - The company's business scope includes manufacturing and retailing of hardware products, metal tools, plastic products, kitchenware, daily ceramics, and outdoor goods [1] - The company is also involved in the wholesale and retail of automotive parts, textiles, sports equipment, clothing, cosmetics, furniture, and leather products [1] Group 2 - The company is permitted to conduct general business activities autonomously as long as they do not require special approval [1] - The business activities include domestic trade agency and technical import and export services [1] - The company will also engage in internet sales, excluding items that require special licenses [1]

Economic Overview - The latest data indicates that the US economy is facing increasing risks of stagflation, with the services PMI almost stagnating and the manufacturing PMI dropping to a near one-year low, suggesting a complex situation of slowing economic activity and persistent inflation pressures [1][4] Services Sector - In July, the services PMI fell from 50.8 in June to 50.1, significantly below the market expectation of 51.5, indicating that the expansion pace of the services sector has nearly halted [2] - The services price index rose from 67.5 in June to 69.9 in July, approaching levels seen at the end of 2022, reflecting ongoing inflation pressures in the services sector due to tariffs and immigration policies [2] - The employment index decreased from 47.2 to 46.4, indicating a contraction in hiring levels and a weakening job market [2] Manufacturing Sector - The manufacturing PMI declined from 49 in June to 48 in July, falling short of the market expectation of 49.5, further exacerbating the contraction trend [3] - Although the output index showed an acceleration in expansion, the new orders index slightly rebounded but remained in the contraction zone, with employment contraction reaching a near one-year high [3] - The price index decreased from 69.7 to 64.8, indicating a slowdown in inflation pressure, yet it remains significantly above the post-pandemic average [3] Federal Reserve Policy - The PMI data reveals stagflation risks, presenting the Federal Reserve with a challenging policy decision in the third quarter, balancing a weakening job market against rising inflation due to tariffs [4] - Market expectations suggest that the Federal Reserve may maintain interest rates in September but could lower rates in October and December, with year-end policy rates projected to drop to 3.75%-4% [4] - The current economic conditions, characterized by slowing growth and a pressured job market alongside persistent inflation, complicate the Federal Reserve's monetary policy path [4]