Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The log futures market continues to be weak. In December, the foreign market quotes dropped significantly, and the spot prices continued to decline gradually. Some timber species are being used. The 01 contract is about to enter the delivery month and is greatly affected by delivery pressure. Overall, the log futures are expected to fluctuate weakly [3]. 3. Summary by Relevant Catalogs Spot Prices - In Shandong, for radiation pine, the spot prices for 3.9 - meter medium A, 5.9 - meter medium A, 3.9 - meter small A, 5.9 - meter small A, and 4 - meter medium A are 740, 770, 680, 710, and 730 yuan respectively [3]. - In Jiangsu, for radiation pine, the spot prices for 4 - meter medium A, 6 - meter medium A, 4 - meter small A, and 6 - meter small A are 730, 760, 760, and 720 yuan respectively [3]. Foreign Market Quotes - The price range of 4 - meter medium A radiation pine in December is 109 - 113 dollars per JAS cubic meter, down 4 dollars from the November range of 112 - 119 dollars [3]. Futures Prices - The price of LG2601 contract is 766.5 yuan per cubic meter, up 2 yuan from the previous period; the price of LG2603 contract is 776 yuan per cubic meter, up 6 yuan from the previous period [3]. Downstream Wood Square Prices - In Shandong and Jiangsu, the price of 4000*50*100 wood squares remains unchanged at 1220 and 1240 yuan respectively compared to the previous period [3]. Supply - In November 2025, the import volumes from New Zealand, North America, and Europe were 178.8, 9.3, and 15.5 million cubic meters respectively, compared to 149.58, 6.77, and 13.09 million cubic meters in October. The weekly arrival volume from December 6 - 12 was 41 million JAS cubic meters, compared to 26 million in November 29 - December 5 [3]. Inventory - On December 18, the total inventory was 260 million cubic meters. Shandong's inventory was 181.3 million cubic meters, and Jiangsu's was 61.5 million cubic meters [3]. Demand - On December 18, the daily average outbound volume was 6.32 million cubic meters. Shandong's outbound volume was 3.34 million cubic meters, and Jiangsu's was 2.52 million cubic meters [3].

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core View of the Report The overall view of the log market is bearish. The spot price of logs has been continuously declining, the overseas market price has also significantly dropped, and the near - month contracts have declined due to delivery pressure before the delivery month. The influencing factors are as follows: the supply is neutral, the demand is bearish, the inventory is neutral, and the valuation is neutral [4]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: In November 2025, the number of New Zealand log departure vessels was about 48, a month - on - month decrease of 6. The total shipment was about 1.854 million cubic meters, an 8% decrease compared to 2.013 million cubic meters in October [4]. - **Demand**: From December 1st to December 7th, the daily average outbound volume of coniferous logs in 13 ports of 7 provinces in China was 66,600 cubic meters, an 8.65% increase from the previous week [4]. - **Inventory**: As of December 5th, the total domestic coniferous log inventory was 2.88 million cubic meters, a decrease of 90,000 cubic meters from the previous week, a week - on - week decrease of 3.03% [4]. - **Valuation**: Currently, the log price is lower than the delivery cost, with a low valuation [4]. - **Investment View**: The overall view is bearish. The trading strategy for both unilateral and arbitrage is not provided, and attention should be paid to domestic demand [4]. - **Main Data Summary**: The closing price of the main contract decreased by 2.16% to 749; the total position increased by 7.36% to 25,666; the position of the main contract decreased by 4.96% to 14,519; the total inventory decreased by 3.13% to 287,700 cubic meters; the Shandong inventory increased by 0.45% to 199,500 cubic meters; the Jiangsu inventory decreased by 12.77% to 74,200 cubic meters; the total outbound volume increased by 8.65%; the New Zealand weekly shipment decreased by 30% [6]. 3.2 Review of Futures and Spot Market Conditions - **Futures Market**: Log futures declined this week. The reasons are the significant decline in spot prices during the off - season, which has fallen below the annual lowest level, and the approaching delivery month of the 01 contract, which has a certain bearish impact due to delivery pressure [8]. - **Open Interest**: As of December 12, 2025, the total open interest of log futures contracts was 25,666 lots, a 7.35% increase from the previous week; the open interest of the main log futures contract was 14,519 lots, a 4.96% decrease from the previous week [11]. - **Spot Market**: As of December 12, 2025, the prices of Shandong radiata pine (3.9 - meter small A/medium A/large A) were 680/740/850 yuan/m³; (5.9 - meter small A/medium A/large A) were 710/770/940 yuan/m³. The prices of Jiangsu radiata pine (3.9 - meter small A/medium A/large A) were 670/730/800 yuan/m³; (5.9 - meter small A/medium A/large A) were 720/760/840 yuan/m³ [14]. 3.3 Fundamental Data of Log Supply and Demand - **Import Volume**: In October 2025, China's total coniferous log import volume was about 1.9078 million cubic meters, a month - on - month decrease of 4.67% and a year - on - year decrease of 7.14%. From January to October 2025, the total import volume was about 19.9238 million cubic meters, a year - on - year decrease of 8.04%. In October 2025, China's import volume of coniferous logs from New Zealand was about 1.4958 million cubic meters, a month - on - month decrease of 0.23% and a year - on - year increase of 12.47%. From January to October 2025, the total import volume from New Zealand was about 15.0078 million cubic meters, a year - on - year increase of 1.80% [19]. - **Shipment Volume**: In November 2025, the number of New Zealand log departure vessels was about 48, a month - on - month decrease of 6, and the total shipment was about 1.854 million cubic meters, an 8% decrease compared to October. From November 29 to December 5, 2025, there were 7 vessels departing from New Zealand ports, with a total shipment of 260,000 cubic meters, a decrease of 8 vessels and 336,000 cubic meters compared to the previous week. Among them, 7 vessels directly shipped 260,000 cubic meters to China, a decrease of 3 vessels and 108,000 cubic meters compared to the previous week [25]. - **Import Cost and Profit**: As of December 2025, the CFR quote of radiata pine was between 112 - 119 US dollars/JASm³, equivalent to 780 - 825 yuan/m³ in RMB, and the import profit was about - 45 yuan/m³. In November 2025, the AWG price in New Zealand port warehouses was 126 New Zealand dollars/JASm³, the export cost was about 111 US dollars/JASm³, and the export profit was about 8.8 New Zealand dollars/JAS/m³ [28]. - **Inventory**: As of December 5th, the total domestic coniferous log inventory was 2.88 million cubic meters, a 3.03% decrease from the previous week. The inventory in Shandong ports increased by 0.45% to 1.995 million cubic meters, and the inventory in Jiangsu ports decreased by 12.77% to 742,260 cubic meters [31]. - **Outbound Volume**: From December 1st to December 7th, the daily average outbound volume of coniferous logs in 13 ports of 7 provinces in China was 66,600 cubic meters, an 8.65% increase from the previous week. Among them, the daily average outbound volume of coniferous logs in Shandong ports was 33,900 cubic meters, an 11.51% increase from the previous week; the daily average outbound volume of coniferous logs in Jiangsu ports was 27,100 cubic meters, a 3.44% increase from the previous week [35]. - **Timber Price and Processing Profit**: As of December 12, 2025, the timber price in Shandong was 1,220 yuan/m³, a week - on - week decrease of 30 yuan/m³; the timber price in Jiangsu was 1,240 yuan/m³, a week - on - week decrease of 20 yuan/m³. The processing profit in Shandong was - 18.5 yuan/m³, a week - on - week decrease of 14.5 yuan/m³; the processing profit in Jiangsu was 17 yuan/m³, a week - on - week decrease of 5 yuan/m³ [37].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The weakening fundamentals of logs have been priced in the market. With the current low valuation, log prices are expected to fluctuate at a low level [4]. Summary by Relevant Catalogs Part One: Main Viewpoints and Strategy Overview - **Supply**: In November 2025, about 48 New Zealand log - departure vessels were recorded, a month - on - month decrease of 6. The total shipment volume was about 1.854 million cubic meters, an 8% decrease from October's 2.013 million cubic meters. The supply factor is considered neutral [4]. - **Demand**: From November 24th to November 30th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,300 cubic meters, a 4.81% decrease from the previous week. The demand factor is considered bearish [4]. - **Inventory**: As of November 28th, the total domestic coniferous log inventory was 2.97 million cubic meters, a decrease of 60,000 cubic meters from the previous week, a week - on - week decrease of 1.98%. The inventory factor is considered neutral [4]. - **Valuation**: Currently, log prices are below the delivery cost, with a low valuation. The valuation factor is considered neutral [4]. - **Investment View**: The weakening fundamentals of logs have been priced in the market. With the current low valuation, log prices are expected to fluctuate at a low level. The trading strategy for unilateral and arbitrage is not provided, and attention should be paid to domestic demand [4]. Part Two: Review of Futures and Spot Market - **Futures Price**: Log futures fluctuated at a low level this week. The fundamentals of log spot prices continued to weaken, and spot prices dropped to the lowest level of the year. The outer - market quotes in December had a large span, with a median of $116. The shipment volume in the fourth quarter is expected to increase. Overall, log futures and spot prices are expected to fluctuate at a low level [8]. - **Futures Position**: As of December 5th, 2025, the total position of log futures contracts was 23,907 lots, a 1.4% decrease from the previous week; the position of the main log futures contract was 15,277 lots, an 8.2% decrease from the previous week [13]. - **Spot Price**: As of December 5th, 2025, the prices of Shandong radiata pine in different specifications (3.9 - meter small A/medium A/large A and 5.9 - meter small A/medium A/large A) were 680/750/850 yuan/m³ and 730/770/940 yuan/m³ respectively; the prices of Jiangsu radiata pine in different specifications (3.9 - meter small A/medium A/large A and 5.9 - meter small A/medium A/large A) were 680/740/800 yuan/m³ and 730/760/840 yuan/m³ respectively [16]. Part Three: Log Supply and Demand Fundamental Data - **Import Volume**: In October 2025, China's total coniferous log import volume was about 1.9078 million cubic meters, a month - on - month decrease of 4.67% and a year - on - year decrease of 7.14%. From January to October 2025, China's total coniferous log import volume was about 19.9238 million cubic meters, a year - on - year decrease of 8.04%. In October 2025, China's total coniferous log import volume from New Zealand was about 1.4958 million cubic meters, a month - on - month decrease of 0.23% and a year - on - year increase of 12.47%. From January to October 2025, China's total coniferous log import volume from New Zealand was about 15.0078 million cubic meters, a year - on - year increase of 1.80% [20]. - **Shipment Volume**: In November 2025, about 48 New Zealand log - departure vessels were recorded, a month - on - month decrease of 6. The total shipment volume was about 1.854 million cubic meters, an 8% decrease from October's 2.013 million cubic meters. From November 29th to December 5th, 2025, a total of 7 vessels with 260,000 cubic meters of logs departed from New Zealand ports, a decrease of 8 vessels and 336,000 cubic meters compared with the previous week. Among them, 7 vessels with 260,000 cubic meters of logs were directly shipped from New Zealand to China, a decrease of 3 vessels and 108,000 cubic meters compared with the previous week [26]. - **Import Cost and Profit**: As of December 2025, the CFR quote for radiata pine was between $112 - $119/JASm³, equivalent to 780 - 825 yuan/m³ in RMB, with an import profit of about - 45 yuan/m³. In November 2025, the AWG price at the New Zealand port warehouse was 126 New Zealand dollars/JASm³, the export cost was about $111/JASm³, and the export profit was about 8.8 New Zealand dollars/JAS/m³ [29]. - **Inventory**: As of November 28th, the total domestic coniferous log inventory was 2.97 million cubic meters, a 1.98% decrease from the previous week. Among them, the total coniferous log inventory at Shandong ports was 1.986 million cubic meters, a 3.83% decrease from the previous week; the total coniferous log inventory at Jiangsu ports was 850,900 cubic meters, a 2.30% increase from the previous week. The radiation pine inventory was 2.45 million cubic meters, a 2.39% decrease from the previous week; the North American timber inventory was 70,000 cubic meters, a 12.50% decrease from the previous week; the spruce/fir inventory remained the same as the previous week [32]. - **Outbound Volume**: From November 24th to November 30th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,300 cubic meters, a 4.81% decrease from the previous week. Among them, the average daily outbound volume of coniferous logs at Shandong ports was 30,400 cubic meters, a 15.32% decrease from the previous week; the average daily outbound volume of coniferous logs at Jiangsu ports was 26,200 cubic meters, an 11.02% increase from the previous week [37]. - **Timber Square Price and Processing Profit**: As of December 5th, 2025, the timber square price in Shandong was 1,250 yuan/m³, unchanged from the previous week; the timber square price in Jiangsu was 1,260 yuan/m³, unchanged from the previous week. The processing profit in Shandong was - 3.8 yuan/m³, unchanged from the previous week; the processing profit in Jiangsu was - 9.2 yuan/m³, unchanged from the previous week [40].

Report Summary 1. Report Industry Investment Rating - The investment rating for the log industry is "Low-level oscillation" [1] 2. Core View of the Report - The log market is currently in a state of low-level oscillation, with various price indicators and trading volumes showing different trends [1][2] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2601 contract's closing price increased by 0.2% daily and 0.3% weekly, while its trading volume decreased by 38.5% daily and 28% weekly, and its open interest decreased by 1.6% daily and 1% weekly. The 2603 contract's closing price rose by 0.3% daily and remained unchanged weekly, with trading volume down 46% daily and 35% weekly, and open interest up 3.8% daily and 3% weekly. The 2605 contract's closing price also increased by 0.3% daily and was flat weekly, trading volume decreased by 7.4% daily and 32% weekly, and open interest rose by 3.4% daily and 7% weekly [2] - **Spot-Futures Spreads**: The spreads between spot and 2601, 2603 contracts increased by 10% and 9.4% daily, and 14% and 7% weekly respectively [2] - **Inter-Contract Spreads**: The spreads between 2601 - 2603, 2601 - 2605, 2603 - 2605 contracts showed certain changes [2] - **Spot Market**: Most log and wood product prices in the spot market remained stable, with only a few showing slight changes. For example, the price of 3.9 - meter 20 + radiata pine in the Jiangsu market decreased by 1.4%, and the price of P30 (knot - free wood) in the Shandong market decreased by 4.9% [2] 3.2 Macro and Industry News - In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, indicating an improvement in the manufacturing industry's business climate [4] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend [4]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The weakening fundamentals of logs have been priced in the market, and the current valuation is low. It is expected to fluctuate at a low level [4]. - Log futures are expected to fluctuate at a low level, as the spot price fundamentals continue to weaken, the spot price has dropped to the lowest level of the year, the fourth - quarter shipment is expected to increase, and the median of the December foreign quotation is 116 US dollars [8]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: From November 24 - 30, 2025, the number of pre - arriving New Zealand log ships at 13 Chinese ports was 6, a decrease of 7 from the previous week, a week - on - week decrease of 54%. The total arrival volume was about 217,000 cubic meters, a decrease of 201,000 cubic meters from the previous week, a week - on - week decrease of 48% [4]. - **Demand**: From November 17 - 23, 2025, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 64,400 cubic meters, a decrease of 1.83% from the previous week [4]. - **Inventory**: As of November 21, 2025, the total domestic coniferous log inventory was 3.03 million cubic meters, an increase of 80,000 cubic meters from the previous week, a week - on - week increase of 2.71% [4]. - **Valuation**: The current log price is lower than the delivery cost, and the valuation is low [4]. - **Investment View**: The weakening fundamentals of logs have been priced in the market, and the current valuation is low. It is expected to fluctuate at a low level. The trading strategy for both single - side and arbitrage is not provided, and attention should be paid to the domestic demand situation [4]. 3.2 Futures and Spot Market Review - **Futures Price**: Log futures fluctuated at a low level this week. The spot price fundamentals continued to weaken, and the spot price dropped to the lowest level of the year. The December foreign quotation had a large span, with a median of 116 US dollars. The fourth - quarter shipment was expected to increase. Overall, the log futures and spot prices were expected to fluctuate at a low level [8]. - **Futures Position**: As of November 28, 2025, the total position of log futures contracts was 24,241 lots, a 2.2% increase from the previous week. The position of the main log futures contract 2601 was 16,638 lots, a 5.4% decrease from the previous week [13]. - **Spot Price**: As of November 28, 2025, in Shandong, the prices of 3.9 - meter small A/medium A/large A radiata pine were 690/750/850 yuan/m³, and the prices of 5.9 - meter small A/medium A/large A were 730/770/940 yuan/m³. In Jiangsu, the prices of 3.9 - meter small A/medium A/large A radiata pine were 690/750/800 yuan/m³, and the prices of 5.9 - meter small A/medium A/large A were 730/770/840 yuan/m³ [14]. 3.3 Log Supply and Demand Fundamental Data - **Import Volume**: In October 2025, China's total coniferous log import volume was about 1.9078 million cubic meters, a month - on - month decrease of 4.67% and a year - on - year decrease of 7.14%. From January - October 2025, China's total coniferous log import volume was about 19.9238 million cubic meters, a year - on - year decrease of 8.04%. In October 2025, China's total coniferous log imports from New Zealand were about 1.4958 million cubic meters, a month - on - month decrease of 0.23% and a year - on - year increase of 12.47%. From January - October 2025, China's total coniferous log imports from New Zealand were about 15.0078 million cubic meters, a year - on - year increase of 1.80% [19]. - **New Zealand Shipment**: In October 2025, about 54 New Zealand log ships left the port, an increase of 8 from the previous month. The total shipment volume was about 2.013 million cubic meters, a 14% increase from 1.766 million cubic meters in September. Among them, 41 ships were sent to China, with a shipment volume of about 1.502 million cubic meters, accounting for 75%, a 2% increase from 1.472 million cubic meters in September [22]. - **Import Cost and Profit**: As of December 2025, the CFR quotation of radiata pine was between 112 - 119 US dollars/JASm³, equivalent to 780 - 825 yuan/m³ in RMB, and the import profit was about - 45 yuan/m³. In November 2025, the AWG price at the New Zealand port warehouse was 126 New Zealand dollars/JASm³, the export cost was about 111 US dollars/JASm³, and the export profit was about 8.8 New Zealand dollars/JAS/m³ [26]. - **Domestic Inventory**: As of November 21, 2025, the total domestic coniferous log inventory was 3.03 million cubic meters, a 2.71% increase from the previous week. The total coniferous log inventory at Shandong ports was 2,065,000 cubic meters, a 5.68% increase from the previous week. The total coniferous log inventory at Jiangsu ports was 831,777 cubic meters, a 0.57% decrease from the previous week [29]. - **Domestic Outbound Volume**: From November 17 - 23, 2025, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 64,400 cubic meters, a 1.83% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 35,900 cubic meters, a 2.18% decrease from the previous week. The average daily outbound volume of coniferous logs at Jiangsu ports was 23,600 cubic meters, a 3.28% decrease from the previous week [32]. - **Wooden Square Price and Processing Profit**: As of November 28, 2025, the wooden square price in Shandong was 1250 yuan/m³, with no change from the previous week. The wooden square price in Jiangsu was 1260 yuan/m³, with no change from the previous week. The processing profit in Shandong was - 3.8 yuan/m³, with no change from the previous week. The processing profit in Jiangsu was - 9.2 yuan/m³, with no change from the previous week [35].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the supply, demand, cost, profit, price, and spread of logs. It indicates that the supply - side pressure is decreasing, the demand remains weak with the approaching off - season and wood blue - stain period. The price is under pressure, and the market is expected to maintain a weak supply - demand balance in the future [6][9][11]. 3. Summary by Directory 3.1 Part 1: Log Overview - **Supply - side**: In September 2025, the number of arriving ships was 16, and the arrival volume was 53.1 million cubic meters. The import volume of coniferous logs was about 200.13 million cubic meters, a 16.01% month - on - month increase. It is expected that the subsequent arrival will remain stable, and the supply - side pressure will decrease [7]. - **Demand and Inventory - side**: The weekly shipment volume and apparent demand show no significant improvement. The demand is weak, and the inventory is expected to fluctuate and adjust due to the weak demand despite the decrease in arrivals this week [9]. - **Price and Spread**: The outer - market quotation has a slight adjustment, the spot price is under pressure, and the wood - block price is stable. The spread is relatively stable, and the basis has certain support [11][13]. - **Cost and Profit**: The import cost of logs is expected to decline, and the import profit is decreasing [15]. - **Strategy Recommendation**: The spot market price is expected to be under pressure. The fundamentals of the futures market are weakly oscillating, and it is expected to be under pressure in the short term [17]. 3.2 Part 2: Log Balance Sheet The report presents the weekly balance sheet of logs from June 6, 2025, to November 7, 2025, including arrival numbers, arrival volumes, daily shipment volumes, apparent demand, inventory by region and species, and the supply - demand difference [19]. 3.3 Part 3: Log Supply - Demand Analysis - **Supply - side**: It includes the shipment volume of New Zealand logs, log imports, and imports by species [25][27][30]. - **Demand - side**: It involves the daily shipment volume of logs, the real - estate market, and downstream analysis such as wood - block price, profit, and downstream substitutes [34][36][41]. - **Inventory - side**: It includes inventory summaries, inventory by species, and inventory by region [58][60][66]. 3.4 Part 4: Cost and Profit - **Log Import Cost and Profit**: Analyzes the import cost and profit of logs [72]. - **Log Delivery Profit**: Analyzes the delivery profit of logs [77]. 3.5 Part 5: Log Price and Spread Analysis - **Log Outer - market Quotation**: Analyzes the outer - market quotation of logs [82]. - **Seasonality of Radiation Pine and Spruce Prices**: Presents the seasonal price trends of radiation pine and spruce [85]. - **Seasonality of Radiation Pine and Spruce Spreads**: Analyzes the seasonal spread trends of radiation pine and spruce [98]. - **Basis between Radiation Pine and LG**: Analyzes the basis between radiation pine and LG [104]. - **Seasonal Chart and Inter - month Spread of LG Main Contracts**: Presents the seasonal chart and inter - month spread of LG main contracts [106].

Group 1: Report Overview - The report is titled "Log Data Daily Report" and is from the Guomao Futures Research Institute, dated October 28, 2025 [3][4] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core View - The log fundamentals are weakening due to ample supply and the demand entering the off - season. The spot prices in Shandong and Jiangsu have been lowered, and the expected increase in the outer market has been weakened by Sino - US trade negotiations, leading to a sharp decline in the futures market. It is not recommended to continue short - selling on the 01 contract in the short term as the current 01 contract price is lower than the spot delivery cost. Short - selling after a rebound can be considered later [5] Group 4: Price Information Spot and Futures Prices - In Shandong, for radiation pine, 3.9m medium A has a spot price of 760 yuan and a futures price of 820 yuan; 5.9m medium A has a spot price of 800 yuan and a futures price of 860 yuan; 3.9m small A has a spot price of 720 yuan and a futures price of 790 yuan; 5.9m small A has a spot price of 760 yuan and a futures price of 830 yuan. In Jiangsu, for radiation pine, 4m medium A has a spot price of 770 yuan and a futures price of 830 yuan; 6m medium A has a spot price of 800 yuan and a futures price of 860 yuan; 4m small A has a spot price of 720 yuan and a futures price of 790 yuan; 6m small A has a spot price of 750 yuan and a futures price of 810 yuan [5] Outer - Market and Futures Price Changes - The outer - market quotation for 4m medium A radiation pine changed from 113 - 115 dollars/JAS cubic meter in September to 115 - 117 dollars/JAS cubic meter in October, an increase of 2. The LG2511 futures price dropped from 796.5 yuan/cubic meter to 763 yuan/cubic meter, a decrease of 33.5. The LG2601 futures price dropped from 829.5 yuan/cubic meter to 796.5 yuan/cubic meter, a decrease of 33 [5] Downstream Wood Square Prices - In Shandong and Jiangsu, the price of wood squares (4000*50*100) remained unchanged at 1270 yuan [5] Group 5: Supply Information Import Volume - In September 2025, the import volume of New Zealand logs was 149.93 million cubic meters (compared to 130.6 million cubic meters in August), North American logs was 10.6 million cubic meters (compared to 10.1 million cubic meters in August), and European logs was 16.61 million cubic meters (compared to 14.8 million cubic meters in August). From October 11 - 17 to October 18 - 24, the shipping volume from New Zealand to China increased from 26 million JAS cubic meters to 31 million JAS cubic meters [5] Group 6: Inventory Information Total Inventory - The total inventory on October 17 was 292 million cubic meters, down from 299 million cubic meters on October 10. Shandong's inventory on October 17 was 184 million cubic meters, down from 189 million cubic meters on October 10. Jiangsu's inventory on October 17 was 88.7 million cubic meters, up slightly from 88 million cubic meters on October 10 [5] Daily Average Out - Bound Volume - The daily average out - bound volume on October 17 was 6.32 million cubic meters, up from 5.73 million cubic meters on October 10. Shandong's out - bound volume on October 17 was 3.42 million cubic meters, down slightly from 3.44 million cubic meters on October 10. Jiangsu's out - bound volume on October 17 was 2.42 million cubic meters, up from 1.79 million cubic meters on October 10 [5]

Group 1: Report Industry Investment Rating - The investment view on the log industry is that it is expected to run strongly [3] Group 2: Core View of the Report - The fundamentals of the log market remain stable, and log futures are expected to run strongly due to low valuation, with the lowest delivery cost of log futures being 810 - 820 yuan/m³, while the supply shows a slight increase and the demand is neutral, and the inventory situation is also neutral [3] Group 3: Summary by Relevant Catalogs Part One: Main Views and Strategy Overview - **Supply**: In September 2025, New Zealand's expected log shipments to China, Japan, South Korea, and India were 1.766 million cubic meters, a month - on - month increase of 6.00%; the number of ships was 46, a month - on - month increase of 4.55%, which has a bearish impact on the market [3][27] - **Demand**: From October 6th to 12th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 57,300 cubic meters, a 12.65% decrease from the previous week. Due to the Sino - US trade war, there is an expected increase in the external market quotation of logs, and the demand is neutral [3] - **Inventory**: As of October 10th, the total domestic coniferous log inventory was 2.99 million cubic meters, a week - on - week increase of 4.55%, and the inventory situation is neutral [3][36] - **Valuation**: The current lowest delivery cost of log futures is 810 - 820 yuan/m³, with a low valuation, which is bullish for the market [3] - **Investment View**: The fundamentals remain stable, and log futures are expected to run strongly [3] - **Trading Strategy**: For arbitrage, a 11 - 1 positive spread is recommended, and attention should be paid to the domestic demand situation [3] Part Two: Review of Futures and Spot Market - **Futures Market**: Log futures fluctuated significantly. After a sharp decline, the futures price was lower than the lowest delivery cost, and the spot price was firm with the inventory not reaching the inflection point, so it is expected to run strongly. The log futures contract's total open interest was 21,452 lots as of October 17th, a 9.2% increase from the previous week, and the open interest of the main contract 2601 was 14,247 lots, an 89.5% increase from the previous week [6][12] - **Spot Market**: As of October 17th, the spot prices of radiata pine in Shandong and Jiangsu increased to varying degrees. In Shandong, the prices of 3.9 - meter small A/middle A/large A radiata pine were 710/760/880 yuan/m³; the prices of 5.9 - meter small A/middle A/large A radiata pine were 760/800/980 yuan/m³. In Jiangsu, the prices of 3.9 - meter small A/middle A/large A radiata pine were 720/780/820 yuan/m³; the prices of 5.9 - meter small A/middle A/large A radiata pine were 760/800/860 yuan/m³ [16] Part Three: Log Supply and Demand Fundamental Data - **Import Volume**: In August 2025, China's total coniferous log imports were 1.725 million cubic meters, a year - on - year decrease of 20.0% and a month - on - month decrease of 11.7%. Imports from New Zealand were 1.306 million cubic meters, with the year - on - year change turning from an increase to a decrease, a 6.5% decline, and a month - on - month decrease of 10.4%. Radiata pine imports were 1.297 million cubic meters, a year - on - year decrease of 4.3% and a month - on - month decrease of 7.2% [23] - **New Zealand's Log Shipment and Delivery**: In September 2025, New Zealand's expected log shipments to China, Japan, South Korea, and India were 1.766 million cubic meters, a month - on - month increase of 6.00%, and the number of ships was 46, a month - on - month increase of 4.55% [3][27] - **Domestic Log Inventory**: As of October 10th, the total domestic coniferous log inventory was 2.99 million cubic meters, a week - on - week increase of 4.55%. Radiata pine inventory was 2.46 million cubic meters, a week - on - week increase of 4.68%; North American timber inventory was 90,000 cubic meters, unchanged from the previous week; spruce/fir inventory was 190,000 cubic meters, a decrease of 10,000 cubic meters from the previous week. In terms of provinces, the total coniferous log inventory at Shandong ports was 1,892,000 cubic meters, a 6.65% increase from the previous week; the total coniferous log inventory at Jiangsu ports was 880,900 cubic meters, a 3.89% increase from the previous week [36] - **Domestic Log Outbound Volume**: From October 6th to 12th, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 57,300 cubic meters, a 12.65% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 34,400 cubic meters, unchanged from the previous week, and that at Jiangsu ports was 17,900 cubic meters, a 31.94% decrease from the previous week [38] - **Wooden Square Data**: As of October 17th, the wooden square prices in Shandong and Jiangsu were both 1270 yuan/m³, unchanged from the previous week. The processing profit in Shandong was 16 yuan/m³, unchanged from the previous week, and that in Jiangsu was - 14.6 yuan/m³, also unchanged from the previous week [41]

Group 1: Report Information - Report title: Log Data Daily Report [3] - Research institution: ITC Futures Research Institute [4] - Analyst: Yang Lulin [4] - Date: October 17, 2025 [4] Group 2: Industry Investment Rating - No information provided Group 3: Core View - After the holiday, the fundamentals of logs weakened slightly. While port inventories increased slightly, the outbound volume decreased. However, considering the holiday factor, it is necessary to observe whether this phenomenon will continue. Log spot prices rose steadily, mainly driven by knot - free and laminated timber. After a sharp decline, the log futures price is below the delivery cost line, and it is not recommended to continue short - selling [5] Group 4: Price Information Spot Price - In Shandong and Jiangsu, the spot prices of different specifications of radiata pine range from 720 to 800 yuan for different lengths and grades (3.9m - 6m, small A - medium A) [5] Foreign Market Quotation - The price range of radiata pine (4m medium A) in the foreign market is 115 - 117 dollars per JAS cubic meter in October, up 2 dollars from 113 - 115 dollars in September [5] Futures Price - For contract LG2511, the current price is 797 yuan per cubic meter, up 4 yuan from the previous period. For contract LG2601, the current price is 823.5 yuan per cubic meter, up 2.5 yuan from the previous period [5] Downstream Wood Square Price - The price of 4000*50*100 wood squares in Shandong and Jiangsu is 1270 yuan, with no change from the previous period [5] Group 5: Supply and Demand Information Supply - In August 2025, the import volume of New Zealand logs was 130.6 million cubic meters, down from 145.8 million cubic meters in July. The import volume of North American logs was 10.1 million cubic meters, down from 10.6 million cubic meters in July. The import volume of European logs was 14.8 million cubic meters, down from 16.6 million cubic meters in July. From October 6 - 12, the shipment volume from New Zealand to China was 34 million JAS cubic meters, down from 35 million JAS cubic meters from September 22 - 28 [5] Inventory - On October 10, the total inventory was 299 million cubic meters, higher than 286 million cubic meters on September 26. Shandong's inventory was 189 million cubic meters, and Jiangsu's was 88 million cubic meters [5] Demand - On October 10, the daily average outbound volume was 5.73 million cubic meters, lower than 6.56 million cubic meters on September 26. Shandong's outbound volume was 3.44 million cubic meters, and Jiangsu's was 1.79 million cubic meters [5]

Group 1: Report Overview - Report Title: Log Data Daily Report [3] - Research Institute: ITC Futures Research Institute [4] - Author: Yang Lulin [4] - Date: October 15, 2025 [4] Group 2: Price Information Spot Prices - In Shandong, for Radiata Pine, 3.9m Medium A is priced at 760 yuan, 5.9m Medium A at 800 yuan, 3.9m Small A at 720 yuan, and 5.9m Small A at 760 yuan [5] - In Jiangsu, for Radiata Pine, 4m Medium A is priced at 770 yuan, 6m Medium A at 800 yuan, 4m Small A at 720 yuan, and 6m Small A at 750 yuan [5] Outer - market Quotes - The outer - market quote for 4m Medium A Radiata Pine is in the range of 115 - 117 dollars per JAS cubic meter, with a 2 - dollar increase from September's 113 - 115 dollars [5] Futures Prices - LG2511 contract price is 787.5 yuan per cubic meter, down 15.5 yuan from the previous period; LG2601 contract price is 820 yuan per cubic meter, down 3 yuan from the previous period [5] Downstream Wood Product Prices - The price of 4000*50*100 wood squares in both Shandong and Jiangsu is 1270 yuan, with no change from the previous period [5] Group 3: Supply and Demand Information Import Volume - In August 2025, New Zealand's log import volume was 130.6 million cubic meters, North American timber was 10.1 million cubic meters, and European timber was 14.8 million cubic meters; in July 2025, the corresponding figures were 145.8 million, 10.6 million, and 16.6 million cubic meters respectively [5] Shipment Volume - From September 22 - 28 to October 6 - 12, the shipment volume from New Zealand to China decreased from 35 million JAS cubic meters to 34 million JAS cubic meters [5] Inventory - On October 10, the total inventory was 299 million cubic meters; Shandong's inventory was 189 million cubic meters, and Jiangsu's was 88 million cubic meters [5] Demand - On October 10, the daily average outbound volume was 5.73 million cubic meters; Shandong's outbound volume was 3.44 million cubic meters, and Jiangsu's was 1.79 million cubic meters [5] Group 4: Core View - After the holiday, the log fundamentals weakened slightly, with a slight increase in port inventory and a decrease in outbound volume, but the sustainability of this phenomenon needs further observation [5] - Log spot prices increased steadily, mainly driven by knot - free timber and laminated timber [5] - After a sharp decline, the log futures price is below the delivery cost line, and further short - selling is not recommended [5]