在本届进博会上，国内大型原木贸易企业江苏苏豪中锦发展有限公司与新西兰木材供应商富存纳林业有 限公司签订合约，继2024年之后二度合作。"国内市场循环更畅通，今年我们进口规模较去年同期有所 增长。"苏豪中锦公司鸿协公司总经理张若凡说，目前公司还与俄罗斯、白俄罗斯、哈萨克斯坦等国家 展开农林产业相关合作，年贸易额达5000万美元。 "锤音"落地，总量200万立方米、金额2.28亿美元的辐射松原木采购意向合同达成！ 苏豪中锦业务的增长得益于一个期货新品种的上市。2024年11月，原木期货、期权在大连商品交易所上 市，为苏豪中锦这样的贸易公司带来了新利好。长期以来，我国原木现货市场存在测量标准不统一、操 作不规范的问题，比如南北方在原木长度、径级的测定上存在一定差异，不同地区的木材商容易因此产 生纠纷，也制约了木材行业全国统一市场的形成。 "十五五"规划建议提出，"坚决破除阻碍全国统一大市场建设卡点堵点""健全一体衔接的流通规则和标 准"。期货作为在将来某一特定的时间和地点交割一定数量标的物的标准化合约，有着天然的"标准"属 性，能够助力破除不同地区市场间标准不同的卡点堵点。 建设全国统一大市场，不是关起门来搞封闭运 ...

与会人士表示，本次观摩与研讨活动的成功举办，不仅印证了国产原木期货交割体系的实际可行性，也汇聚了行业协会、 金融机构与产业链核心企业的多方智慧，为构建更加成熟、稳健的原木期货市场奠定了扎实基础。各方一致认为，将以此次成 功交割为开端，携手推动中国木材产业迈向更高质量的发展新阶段。 （编辑 李家琪 张昕） 本报讯 （记者王宁）近日，我国首单国产原木期货在重庆成功完成交割。为系统总结此次交割经验，共谋产业未来路径， 银河期货有限公司同中国木材与木制品流通协会、广西广林林产供应链集团、浙江凯德嘉瑞国际贸易有限公司、浙江济海贸易 发展有限公司等机构组成联合考察团，赴重庆市江津区珞璜工业园，实地见证了国产原木期货首次交割的全过程。 上述机构相关人士深入交割现场，全程观摩并详细了解了国产原木从仓储管理、质量检验、装卸作业到出库放行的全流程 操作。此次交割的顺利实施，充分展现了国产原木标准化、本土化与市场化的运营能力，得到与会嘉宾对流程规范性与操作高 效性的广泛认可。 现场观摩结束后，部分企业与参会嘉宾就木材产业链协同、原木期货交割机制优化，以及实体企业如何有效利用期货、期 权等金融工具进行风险管理等议题开展了深入的专题研 ...

Core Insights - The successful completion of the first domestic log futures delivery in Chongqing marks a milestone in China's log futures market development [1] - A joint inspection team was formed by various organizations to witness the entire delivery process and summarize experiences for future industry pathways [1][3] Group 1: Delivery Process - The inspection team observed the entire process of log delivery, including storage management, quality inspection, loading and unloading operations, and release from storage [3] - The smooth implementation of the delivery showcased the standardized, localized, and market-oriented operational capabilities of domestic logs, receiving widespread recognition for its procedural norms and operational efficiency [3] Group 2: Industry Collaboration - Following the observation, discussions were held on topics such as collaboration within the timber industry chain, optimization of log futures delivery mechanisms, and effective risk management using financial tools like futures and options [3][5] - The successful hosting of this observation and discussion event confirmed the practical feasibility of the domestic log futures delivery system and gathered insights from industry associations, financial institutions, and core enterprises in the industry chain [5] Group 3: Future Development - All parties agreed to use this successful delivery as a starting point to jointly promote the Chinese timber industry towards a new stage of higher quality development [5]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling risk management and pricing needs for the log industry [1][2] - The trading volume and open interest for log futures and options have steadily increased, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts per day [1] - The price trends for log futures and spot markets have shown a pattern of rising and then falling, indicating an increasing correlation between futures and spot prices, with futures prices reflecting market supply and demand changes [1] Market Development - The Dalian Commodity Exchange (DCE) has established a network of 19 delivery warehouses across six provinces to better meet industry delivery needs, with over 400 industry enterprises participating in log futures and options trading [2] - The introduction of log futures and options has provided industry players with effective risk management tools to address price volatility during the procurement cycle [4] Industry Impact - Companies like Zhejiang Wuchan Senhua Group have successfully utilized log futures for risk management, achieving significant gains that offset losses in the spot market [5] - The use of log options is also expanding, with companies like Jiangsu Yaohua Logistics designing flexible options strategies to mitigate risks and stabilize operations [5] - The listing of log futures has contributed to the standardization and transparency of the log spot market, improving information disclosure and quality control across the industry [6] Future Outlook - The DCE plans to continue monitoring market changes and optimize delivery quality standards and pricing mechanisms to enhance the operational quality of log futures and options [7] - There is an intention to promote the use of futures standards in international timber trade and attract foreign traders to increase the international price influence of log futures [7]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling key functions and bringing changes to the industry chain [1][2] Market Performance - The trading volume and open interest of log futures and options have steadily increased, with a total of 787 million contracts traded and a transaction value of approximately 464 billion yuan, averaging 32,400 contracts per day and 53,400 contracts in open interest [1] - Log futures prices have shown a pattern of rising and then falling, with an increasing correlation between futures and spot prices, indicating the price discovery function of log futures is becoming more evident [1] Risk Management - Log futures and options have become essential tools for industry players to manage price volatility risks, with many trading and processing companies utilizing these instruments to stabilize costs and profits [4][5] - Companies like Zhejiang Wuchan Senhua Group have successfully used hedging strategies to mitigate losses in the spot market, while others have expanded procurement channels through futures [5] Standardization and Transparency - The introduction of log futures has contributed to the standardization and normalization of spot trade, addressing long-standing issues of price and quality ambiguity [6][7] - The market has seen improved transparency, with clearer price references and enhanced information disclosure, leading to better quality control and standardization across the industry [7] Future Developments - The Dalian Commodity Exchange plans to continue optimizing delivery quality standards and layout based on market changes, while also promoting the international use of futures standards to enhance the global price influence of log futures [8]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable and orderly market operation, fulfilling risk management and pricing needs for the log industry [1][2] - The trading volume and open interest for log futures and options have steadily increased, with a total of approximately 7.87 million contracts traded and a transaction value of about 464 billion yuan, averaging 32,400 contracts per day [1] - The price trends for log futures and spot markets have shown a pattern of rising and then falling, with increasing price correlation between futures and spot prices, indicating the effective price discovery function of log futures [1] Market Development - The Dalian Commodity Exchange (DCE) has established a network of 19 delivery warehouses across six provinces to better meet industry delivery needs, with over 400 industry enterprises participating in log futures and options trading [2] - The introduction of log futures and options has provided industry enterprises with essential risk management tools to address price volatility challenges [4][5] Industry Impact - Companies like Zhejiang Wuchan Senhua Group have successfully utilized log futures for hedging, resulting in significant gains that offset losses in the spot market [4] - The use of log options is also expanding, with firms like Jiangsu Yaohua Logistics designing flexible option strategies based on inventory and market conditions [5] - The listing of log futures has contributed to the standardization and transparency of the log spot market, improving information disclosure and quality control across the industry [7] Future Outlook - The DCE plans to continue monitoring market changes and may optimize delivery quality standards and layout based on operational conditions, while also promoting the international use of futures standards in global timber trade [8]

Core Insights - The launch of log futures and options on November 18 and 19, 2024, has led to a stable market operation, with significant participation from industry clients, aiding in price risk management and standardization of spot trade [1][2]. Market Performance - The log futures and options market has seen steady growth, with a total of 8 futures contracts and 164 options contracts listed, resulting in approximately 7.87 million trades and a transaction value of about 464 billion yuan, averaging 32,400 trades per day [2]. - The main log futures contract has decreased by 7.5% this year, while the CFR price dropped by approximately 8.3%, indicating a growing correlation between futures and spot prices [2][3]. Price Dynamics - Log futures prices have effectively reflected changes in market supply and demand, with futures prices responding sensitively to macroeconomic expectations and inventory changes [3][4]. - The basis trend has become clearer, and the price structure of futures contracts aligns with seasonal market patterns, indicating a rational expectation of demand recovery in the second half of the year [4]. Industry Engagement - The Dalian Commodity Exchange has implemented various initiatives to support the industry, including establishing a network of 19 delivery warehouses across six provinces, promoting national standard measurement, and conducting industry training activities [5][6]. - Over 400 industry enterprises, including major importers, have engaged in trading log futures and options, highlighting the growing acceptance of these financial instruments [5]. Risk Management - Companies like Zhejiang Wuchan Senhua Group have utilized log futures for hedging against price volatility, successfully managing their risk exposure and stabilizing profits [6][7]. - Other firms, such as Rizhao Guantong Wood Industry, have adopted futures for procurement strategies, allowing them to mitigate cost increases and secure raw materials efficiently [8]. Standardization and Transparency - The introduction of log futures has improved market transparency and standardization, addressing long-standing issues in the spot trade regarding price and quality standards [11][12]. - The establishment of clear and quantifiable quality standards for futures delivery has led to increased liquidity and encouraged traders to align their products with these standards [12][13]. Future Developments - The Dalian Commodity Exchange plans to enhance the operational quality of log futures and options, optimize delivery standards, and promote the use of futures in international wood trade [14].

Core Viewpoint - The launch of log futures and options on November 18 and 19, 2024, respectively, has significantly contributed to price risk management and the standardization of spot trade in the log industry, with active participation from industry clients [1][2]. Market Performance - The log futures and options market has shown steady growth, with a total of 787 million contracts traded and a transaction value of approximately 464 billion yuan, averaging 32,400 contracts per day [2]. - The main log futures contract has decreased by about 7.5% this year, while the CFR price has dropped by approximately 8.3%, indicating a growing correlation between futures and spot prices [2][3]. Industry Participation - Over 400 industry enterprises, including major importers, have engaged in log futures and options trading, reflecting a broad acceptance of these financial instruments [3][4]. Risk Management Tools - Companies like Zhejiang Wuchan Senhua Group have utilized log futures for hedging against price fluctuations, effectively managing their risk exposure [4]. - Jiangsu Yaohua Logistics has adopted various options strategies, enhancing their ability to respond to market conditions and manage inventory risks [5]. Standardization and Transparency - The introduction of log futures has improved the clarity of pricing and quality standards in the log trade, leading to enhanced market transparency and better information dissemination [6][7]. - The promotion of national standard measurement practices has unified the industry’s measurement methods, reducing discrepancies in trade [7][8]. High-Quality Development - The log futures market is driving the high-quality development of the forestry sector by addressing issues of transparency and pricing mechanisms, with companies beginning to adopt standardized grading and pricing based on futures contracts [8][9]. - Internationally, foreign timber exporters are increasingly interested in understanding log futures, with the first trade based on "futures price + basis" already completed [8][9]. Future Directions - The Dalian Commodity Exchange plans to optimize delivery standards and enhance the quality of log futures and options to better serve the industry's needs [9][10].

天眼查App显示，近日，江西锦辉祥贸易有限公司成立，法定代表人为陈样辉，注册资本20万人民币， 经营范围为一般项目：木材销售，木材加工，木材收购，互联网销售（除销售需要许可的商品），木竹 材加工机械销售，建筑材料销售，轻质建筑材料销售，建筑装饰材料销售，建筑砌块销售，保温材料销 售，金属结构销售，建筑用石加工，五金产品零售，塑料制品销售，地板销售，软木制品销售，日用木 制品销售，砼结构构件销售，水泥制品销售，金属材料销售，金属矿石销售，非金属矿及制品销售，贵 金属冶炼，家具销售，家具零配件销售，家具安装和维修服务，日用产品修理，日用百货销售，日用品 批发，五金产品批发（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）。 ...

Core Insights - The successful completion of the first log futures delivery in Guangxi marks a significant milestone for the region and the company involved [1][4][6] Group 1: Company Achievements - Guangxi Qinzhou Free Trade Port Area Jushen International Logistics Co., Ltd. has become the first designated delivery warehouse for log futures in Guangxi, approved by the Dalian Commodity Exchange [4][6] - The company has achieved a "zero breakthrough" in the log futures delivery sector, indicating its entry into this market [6] Group 2: Industry Impact - The successful delivery is expected to provide a stable supply of raw materials for wood processing enterprises in Guangxi and the southwestern region, contributing to high-quality regional economic development [6] - As the southernmost log futures delivery warehouse in China, the company plays a crucial role in the import trade of logs from New Zealand and Australia [6] - The designated delivery site serves as a connection point between the futures and spot markets, offering a "spot + futures" one-stop service that attracts timber traders and helps control price risks while reducing transaction costs [6]