Group 1: Report Overview - The report is a chemical research report on log market, specifically the Log Daily Report dated February 11, 2026 [1] Group 2: Data Analysis - Log prices (daily) and wood square prices (daily) for different types of logs and wood squares at various ports are presented, with all prices showing 0.00% day - on - day and week - on - week changes [2] - Futures volume and price data for LG2603, LG2605, and LG2607 contracts are provided, including closing prices, changes, and volume/position changes [2] Group 3: Market Review - On February 10, the log spot market was stable. Prices of different grades of radiata pine logs in Rizhao remained unchanged [4] - The closing price of the main contract LG2603 was 777 yuan/cubic meter, up 5.5 yuan/cubic meter from the previous trading day [5] Group 4: Important Information - In January 2026, 74 coniferous log ships arrived at 13 Chinese ports, a month - on - month decrease of 14.94%. The total arrival volume was about 166.81 million cubic meters, a month - on - month decrease of 12.80%. Among them, 45 ships were from New Zealand, with an arrival volume of about 147.45 million cubic meters, accounting for 88% and a month - on - month decrease of 10.69% [7] - From February 2 to February 8, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 5.15 million cubic meters, a 16.53% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 3.28 million cubic meters, a 15.68% decrease, and that at Jiangsu ports was 1.29 million cubic meters, an 18.87% decrease [7] Group 5: Logic Analysis - Supply pressure is increasing marginally; demand is dragged down by the Spring Festival off - season, with the average daily outbound volume decreasing by 16.53% month - on - month. The foreign market price in February increased by 3 - 5 US dollars, raising the procurement cost. The increase in supply and weak demand will suppress prices in the short term, but the rising cost forms a bottom support. Also, the low inventory buffers the supply shock. Prices are expected to fluctuate within a range, and the post - festival demand resumption rhythm needs to be monitored [7] Group 6: Strategy - For unilateral trading, it is recommended to wait and see [7] - For arbitrage, take profit on the 3 - 5 reverse spread [8] - For options, wait and see [9] Group 7: Related Attachments - There are multiple figures showing log and wood square prices, import CFR prices, port log inventory, and other related data [11][13][14]

Report Title - Log Weekly Report: New Zealand's Shipment Resumes, Spot Market Closed Before the Festival [1] Report Date - February 11, 2026 [1] Report Author - Jiang Zhou Xilin [1] Industry Investment Rating - Not mentioned Core Viewpoints - In the short term, the log market is in a stage of weak supply and demand before the Spring Festival, with prices remaining stable; the 2603 contract has basically given back its previous gains and may remain stable after the decline, and the performance of the traditional peak season of "Golden March and Silver April" in the downstream will be further observed [4][9] - In the medium term, there is an expectation of short - term supply shortage after the festival, but the price trend is mainly dominated by the weak downstream demand. There is still room for the price to rise in the peak season after the festival, but the possibility of significant improvement compared with previous years is limited, and the price difference in the May contract is expected to widen [9] Key Points by Section 1. Log Industry Data - Supply - **Spot Price**: The price of 3.9 - meter medium A radiata pine logs at Rizhao Port is 750 yuan/cubic meter, remaining stable compared with the previous period; the price of 4 - meter medium A radiata pine logs at Taicang Port this week is 780 yuan/cubic meter, showing an increase [4] - **Futures Price**: As of the close on February 10, the main log contract 2603 closed at 773.5 yuan/cubic meter, showing a decline. The FOB price in New Zealand increased in February, raising the procurement cost of traders [4] - **Arrival Volume**: From February 9 - 15, 2026, the expected number of New Zealand log ships arriving at 13 Chinese ports is 8, an increase of 4 compared with last week, a week - on - week increase of 100%; the total arrival volume is about 264,000 cubic meters, an increase of 117,000 cubic meters compared with last week, a week - on - week increase of 80%. From February 2 - 8, 2026, the actual number of New Zealand log ships arriving at 13 Chinese ports was 4, a decrease of 3 compared with last week, a week - on - week decrease of 43%; the total arrival volume was about 147,000 cubic meters, a decrease of 71,000 cubic meters compared with last week, a week - on - week decrease of 33% [4] - **Annual Import Volume**: In December 2025, the total import volume of Chinese coniferous logs was about 1.7654 million cubic meters, a month - on - month decrease of 20.82% and a year - on - year decrease of 22.45%. Overall, the total import volume of Chinese coniferous logs decreased year - on - year in 2025 [4] 2. Log Industry Data - Inventory - **Inventory Quantity**: As of February 10, the total domestic coniferous log inventory was 2.38 million cubic meters, a decrease of 40,000 cubic meters compared with last week; the radiata pine inventory was 2.02 million cubic meters, a decrease of 40,000 cubic meters compared with last week; the North American wood inventory was 110,000 cubic meters, remaining the same as last week; the spruce/fir inventory was 100,000 cubic meters, a decrease of 10,000 cubic meters compared with last week [6] - **Inventory Change Reason**: The total inventory in Jiangsu has been continuously decreasing. The main reasons are the tight supply of some specifications of port spot (6 - meter medium A and small A), the low arrival volume of radiata pine logs at Taicang Port, and the stockpiling behavior of some processing plants before the Spring Festival, resulting in a structural shortage at Taicang Port since the end of December, especially the shortage of 6 - meter radiata pine logs. In addition, driven by the price difference of 60 yuan/cubic meter between Shandong and Jiangsu, at least 6 New Zealand log ships diverted to Jiangsu, resulting in a significant decrease in the arrival volume at Rizhao Port and a low inventory of 5.9 - meter medium A radiata pine logs [6] 3. Log Industry Data - Demand - **Outbound Volume**: From February 2 - 8, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 51,500 cubic meters, a decrease of 16.53% compared with last week; among them, the average daily outbound volume of coniferous logs at Shandong ports was 32,800 cubic meters, a decrease of 15.68% compared with last week; the average daily outbound volume of coniferous logs at Jiangsu ports was 12,900 cubic meters, a decrease of 18.87% compared with last week [6] - **Demand Characteristics**: The downstream demand is restricted by seasonal factors. As the Spring Festival approaches, the spot market is closed, and the log outbound volume decreases. Previously, the demand showed a north - south divide. In Jiangsu, the prices generally increased due to the tight inventory and pre - festival stockpiling demand, while in Shandong, the prices remained stable due to the large number of ships. Overall, the short - term price increase of radiata pine logs in Rizhao is mainly due to concerns about the reduction of New Zealand supply and the tight inventory of some specifications caused by ship diversion, with little actual change [6] 4. Log Industry Data - Recent News and Outlook - **Import Structure**: China's import of radiata pine shows a significant characteristic of resource centralization, with the proportion from New Zealand further increasing, and domestic demand is accelerating to focus on cost - effective timber species. However, the risk of over - dependence on a single source continues to accumulate [7] - **Policy Impact**: The anti - involution policy has a certain indirect boost in the off - season. Log downstream products and black futures varieties are also affected by the construction and manufacturing industries. The correlation between construction wood squares and coke is as high as 0.9. To some extent, the industrial structure adjustment of the construction industry is beneficial to boosting the sentiment of the log futures market [7] - **Trade Agreement**: The Sino - US Joint Statement in May will be beneficial to wood product exports, especially driving the demand for laminated wood and pulpwood. Downstream factories may replenish log stocks to make up for the export demand gap, thereby accelerating log destocking. However, the current downturn in the terminal market brings negative feedback, and it is expected that the log market will fluctuate at a low level in the medium and long term [7] - **Customs Policy**: The General Administration of Customs has decided to revoke the announcement on suspending the import of US logs. In the short term, the total volume of US logs that can arrive at the port and complete customs clearance will still be limited [7] - **Natural Disaster**: Landslides occurred in the Tauranga area of New Zealand's North Island, which is expected to affect local logging operations and delay the shipment of some ships. Although the shipment from New Zealand has returned to normal this week, the current arrival volume in China is still at a low level [7] - **Exchange Policy**: The Dalian Commodity Exchange has announced the suspension of the delivery business of log designated truck - board delivery sites at several companies [7] 5. Log Industry Data - Strategy and Suggestions - **Historical Price Trend**: From July to early September 2025, affected by the shortage of some specifications of timber, the increase in FOB quotes, and the stockpiling demand caused by the approaching delivery of the 2509 contract, the futures market had a significant rebound, and the spot price also strengthened synchronously. However, due to the cautious market expectation of the long - term real estate demand, the futures contracts showed a significant differentiation trend of near - strong and far - weak before and after entering the delivery month [9] - **Short - term Outlook**: Before the Spring Festival, the demand shows a north - south divide. In Jiangsu, the supply shortage situation will gradually ease as the diverted ships arrive at the port, and the price increase momentum may slow down; in Shandong, the demand is stable, and Shandong processing plants are expected to have a concentrated holiday in early February. The 2603 contract has basically given back its previous gains. In the short term, it may maintain a stable state after the decline, and the performance of the traditional peak season of "Golden March and Silver April" in the downstream will be further observed [9] - **Medium - term Outlook**: There is an expectation of short - term supply shortage after the festival, but the price trend is mainly dominated by the weak downstream demand. There is still room for the price to rise in the peak season after the festival, but the possibility of significant improvement compared with previous years is limited, and the price difference in the May contract is expected to widen [9]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The valuation of logs is relatively strong this week with regional price differentiation. The support for the valuation comes from tight domestic arrivals, continuous inventory reduction, and a $3 increase in the February foreign market, which raises the procurement cost of traders. However, the approaching Spring Festival leads to a market shutdown and a temporary decline in demand, so the valuation lacks the momentum for continuous growth. Attention should be paid to the recovery of post - holiday resumption demand and the increase in arrivals from New Zealand [7]. Group 3: Summary by Directory Comprehensive Analysis and Trading Strategies Comprehensive Analysis - On the supply side, the shipment from New Zealand has returned to normal, but the arrival volume at 13 domestic ports has decreased by 15% month - on - month to 185,000 cubic meters, still at a relatively low level. On the demand side, as the Spring Festival approaches, the spot market is closed, and the national daily average outbound volume has slightly decreased by 0.16%. However, the capital availability of construction sites has continuously improved, with the growth rate of housing construction projects leading, driving some projects to rush for work and stock up. There is regional demand differentiation, with an increase in outbound volume in Shandong and Fujian and a decline in Jiangsu. On the inventory side, the total port inventory has decreased by 2.81% month - on - month to 2.42 million cubic meters. The main timber species such as radiata pine are all in a state of inventory reduction, and the inventory in major ports such as Shandong and Jiangsu has generally decreased, with overall tight supply [6]. Trading Strategies - Unilateral trading: Hold a wait - and - see attitude. Aggressive investors can lay out long positions based on last month's low point. - Arbitrage: Pay attention to the reverse arbitrage of log 03 - 05. - Options: Hold a wait - and - see attitude [8][9] Core Logic Analysis - The log valuation is strong this week with regional price differentiation. The support for the valuation comes from tight domestic arrivals, continuous inventory reduction, and a $3 increase in the February foreign market, which raises the procurement cost of traders. The suppressing factor is the approaching Spring Festival, which leads to a market shutdown and a temporary decline in demand. In the short term, there is a game between cost support and the off - season of demand, and the valuation lacks the momentum for continuous growth. Attention should be paid to the recovery of post - holiday resumption demand and the increase in arrivals from New Zealand [7]. Weekly Data Tracking Log Supply - The expected shipment volume of New Zealand logs to China in January 2026 is 933,000 cubic meters, a 39% decrease compared to December. The number of shipment vessels is 29, a decrease of 26 compared to December. From January 31 to February 6, 2026, New Zealand directly shipped 9 vessels with 340,000 cubic meters of logs to China, an increase of 2 vessels and 70,000 cubic meters compared to the previous week. From February 2 to February 8, 2026, the pre - arrival vessels of New Zealand logs at 13 Chinese ports are 5, 2 less than the previous week, a 29% week - on - week decrease; the total arrival volume is about 185,000 cubic meters, 33,000 cubic meters less than the previous week, a 15% week - on - week decrease [18][19]. Log Inventory - As of January 30, the total domestic log inventory of different materials is 2.42 million cubic meters, a decrease of 70,000 cubic meters compared to the previous week, a 2.81% week - on - week decrease. The radiata pine inventory is 2.06 million cubic meters, a decrease of 60,000 cubic meters compared to the previous week, a 2.83% week - on - week decrease. The North American timber inventory is 110,000 cubic meters, a decrease of 10,000 cubic meters compared to the previous week, an 8.33% week - on - week decrease. The spruce/fir inventory is 110,000 cubic meters, the same as the previous week. In terms of different provinces, as of January 30, the total inventory of 3 ports in Shandong is 1,771,000 cubic meters, a decrease of 117,000 cubic meters compared to the previous period; the total inventory of 3 ports in Jiangsu is 407,604 cubic meters, a decrease of 117,000 cubic meters compared to the previous period; the total inventory of 3 ports in Fujian is 124,223 cubic meters, a decrease of 20,057 cubic meters compared to the previous period [22]. Log Demand - As of January 30, the daily average outbound volume of logs at 13 ports is 61,700 cubic meters, a decrease of 100 cubic meters compared to the previous period, a 0.16% week - on - week decrease. Among them, the daily average total outbound volume of 3 ports in Shandong is 38,900 cubic meters, an increase of 2,800 cubic meters compared to the previous period, a 7.76% week - on - week increase; the daily average total outbound volume of 3 ports in Jiangsu is 15,900 cubic meters, a decrease of 3,500 cubic meters compared to the previous period, an 18.04% week - on - week decrease; the daily average total outbound volume of 3 ports in Fujian is 5,200 cubic meters, an increase of 1,200 cubic meters compared to the previous period, a 30% week - on - week increase. As of February 3, the capital availability rate of sample construction sites is 60.27%, a 0.59 - percentage - point increase week - on - week. Among them, the capital availability rate of non - housing construction projects is 61.18%, a 0.54 - percentage - point increase week - on - week; the capital availability rate of housing construction projects is 55.71%, a 0.72 - percentage - point increase week - on - week [26]. Log Prices - In Shandong, the price of 3.9 - meter medium - grade A radiata pine logs at Rizhao Port this week is 750 yuan per cubic meter, a 10 - yuan increase compared to last week, a 1.35% week - on - week increase, and a 60 - yuan decrease compared to the same period last year, a 7.41% year - on - year decrease. In Jiangsu, the price of 4 - meter medium - grade A radiata pine logs at Taicang Port this week is 780 yuan per cubic meter, the same as last week. In Shandong, the price of 11.8 - meter 20cm + general - quality spruce logs at Rizhao Port this week is 1150 yuan per cubic meter, the same as last week, and a 100 - yuan increase compared to last year, a 9.52% year - on - year increase [33]. - For radiata pine wood squares, taking 3000*40*90 radiata pine wood squares as an example, the mainstream transaction price in the Shandong market is 1270 yuan per cubic meter, and in the Jiangsu market is 1290 yuan per cubic meter. For spruce/white pine wood squares, taking 3000*40*90 white pine wood squares as an example, the mainstream transaction price in the Shandong market is 1730 yuan per cubic meter, and in the Jiangsu market is 1680 yuan per cubic meter [38]. Import Log Costs - In February 2026, the FOB price (CFR) of 4 - meter medium - grade A radiata pine logs is $113 per JAS cubic meter, a $3 increase compared to last month. The FOB price (CFR) of 11.8 - meter 20+ spruce logs is 125 euros per JAS cubic meter, a 1 - euro increase compared to last month [45].

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints of the Report - In the short - term, port arrivals are decreasing, and some traders are closing their warehouses, causing the spot price to be stable with a slight upward trend [3] - In the medium - term, supply will increase in February, demand will enter the Spring Festival off - season, and inventory is about to enter the accumulation stage. Log supply is expected to maintain a normal level according to the shipping schedule, while the weak new construction in the real estate sector on the demand side continues to drag down log demand [3] 3. Summary by Relevant Catalogs 3.1 Market Trends - Short - term: Port arrivals decline, some traders close warehouses, and spot prices are stable with a slight upward trend [3] - Medium - term: Supply increases in February, demand enters the Spring Festival off - season, inventory accumulates. Log supply follows the shipping schedule, and real - estate new construction weakness drags down demand [3] 3.2 Spot Price Trends - For different tree species, specifications, and regions, most prices remained stable from 2026/1/16 to 2026/2/6. Only the 3.9 - meter 30+ radiata pine in Shandong increased by 1.4% and the 5.9 - meter 20+ radiata pine in Shandong increased by 1.4% compared to the previous week [7] 3.3 Supply: New Zealand Log Shipping Schedule Data - Multiple log shipments from various origins are expected to arrive at Chinese and South Korean ports between February 7 and February 21, 2026, with different carrying capacities [19] 3.4 Demand and Inventory: Domestic Main Port Inventory and Daily Average Shipment - Port inventory: In some ports like Lanshan Port, Xinminzhou, and Jiangdu Port, inventory increased compared to the previous week, while in Taicang Port, it decreased. For example, the total inventory in Lanshan Port increased by 2.7%, and in Xinminzhou, the total inventory increased by 20.6% [23] - Daily average shipment: The total shipment in some ports like Lanshan Port and Taicang Port increased compared to the previous week, while in Jiangdu Port, it decreased. For example, the total shipment in Lanshan Port increased by 8.0%, and in Jiangdu Port, it decreased by 60.0% [23] 3.5 Other Direct Price - Affecting Factors - Freight: The dry bulk BDI decreased by 10.5% compared to the previous week, the handy - sized BHSI increased by 3.2%, the crude oil BDTI decreased by 0.6%, and the SCFI composite index decreased by 3.8% [27] - Exchange rate: The USD/CNY decreased by 0.5%, and the USD/NZD decreased by 1.5% [27]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, China's log supply and demand showed a differentiated pattern. The supply was affected by natural disasters in New Zealand, with a 5% week - on - week decrease in the arrival volume at 13 ports in China. The demand was limited due to the approaching holiday of processing plants and the decline in the capital availability rate of construction projects. The inventory of coniferous logs decreased by 4.46%, and the radiation pine inventory dropped by 5.24%. The log valuation was regionally differentiated, and the price was in line with the actual supply - demand situation. It is expected that the log price will remain stable with a slight upward trend next week, and there will be no significant trend fluctuations [7]. 3. Summary by Relevant Catalog 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - **Supply**: New Zealand's heavy rain in the North Island caused landslides, suspending logging around Tauranga Port and disrupting shipments. The arrival volume at 13 ports in China decreased by 5% week - on - week, and there was a structural shortage of 6 - meter logs at Jiangsu Taicang Port [7]. - **Demand**: Some processing plants have shut down, and most will have holidays from late January to early February. Although the national average daily outbound volume increased by 7.13%, the capital availability rate of construction sites decreased week - on - week, with both housing construction and non - housing construction projects seeing a decline, resulting in limited demand support [7]. - **Inventory**: The total inventory of coniferous logs decreased by 4.46%, the radiation pine inventory dropped by 5.24%, and the inventories at Shandong and Jiangsu ports decreased. Only the inventory of North American logs increased slightly, showing significant regional supply - demand structural differences [7]. 3.1.2 Logic Analysis - This week, the log valuation was regionally differentiated, and the price was in line with the actual supply - demand situation. The price increase in Jiangsu was mainly due to low arrivals, structural shortages, and pre - Spring Festival stocking. The stable price in Shandong was because of stable supply and lack of incremental demand. The January FOB price remained at $110, while the ocean freight increased, and there was an expectation of a price increase in the February FOB price. The downstream wood products' prices showed a mixed trend. In the short term, the valuation in Jiangsu was supported by tight supply, but the demand would be under pressure as processing plants approached holidays. The valuation in Shandong was constrained by the balance of supply and demand. It is expected that the price will remain stable next week without significant trend fluctuations [7]. 3.1.3 Strategies - **Unilateral**: The log price is expected to be stable with a slight upward trend. Investors are advised to go long based on the previous low [8]. - **Arbitrage**: The near - month contracts are expected to strengthen in the short term due to the natural disaster in New Zealand. Investors should pay attention to the log 03 - 05 spread [8]. - **Options**: Hold a wait - and - see attitude [8]. 3.2 Core Logic Analysis - Not provided with additional content beyond what's in the comprehensive analysis section 3.3 Weekly Data Tracking 3.3.1 Log Supply - From November to December, the volume of logs shipped to China increased from 1452,000 cubic meters to 1521,000 cubic meters, a month - on - month increase of 5%, and the number of ships increased from 49 to 55, an increase of 6 [17]. - From January 17 - 23, 2026, a total of 6 ships with 240,000 cubic meters of logs left 12 ports in New Zealand, a week - on - week increase of 2 ships and 120,000 cubic meters. Among them, 4 ships with 170,000 cubic meters were shipped directly to China, a week - on - week increase of 1 ship and 80,000 cubic meters [18]. - Due to heavy rain in New Zealand's North Island, logging around Tauranga Port was suspended, and the shipping had not returned to normal, with some ships delayed. From January 19 - 25, 2026, 11 ships with New Zealand logs were expected to arrive at 13 ports in China, the same as last week, and the total arrival volume was about 350,000 cubic meters, a week - on - week decrease of 19,000 cubic meters and 5% [19]. 3.3.2 Log Inventory - As of January 16, the total inventory of domestic logs by material was 2.57 million cubic meters, a week - on - week decrease of 120,000 cubic meters and 4.46%. The radiation pine inventory was 2.17 million cubic meters, a week - on - week decrease of 120,000 cubic meters and 5.24%. The North American log inventory was 130,000 cubic meters, a week - on - week increase of 10,000 cubic meters and 8.33%. The spruce/fir inventory was 120,000 cubic meters, a week - on - week decrease of 10,000 cubic meters and 7.69% [22]. - As of January 16, the total inventory of 3 ports in Shandong was 1.92 million cubic meters, a decrease of 40,000 cubic meters from the previous period. The total inventory of 3 ports in Jiangsu was 410,820 cubic meters, a decrease of 40,000 cubic meters from the previous period. The total inventory of 3 ports in Fujian was 89,795 cubic meters, a decrease of 16,513 cubic meters from the previous period. The total inventory of 2 ports in Hebei was 71,000 cubic meters, an increase of 31,000 cubic meters from the previous period [22]. 3.3.3 Log Demand - As of January 16, the average daily outbound volume of logs at 13 ports was 61,600 cubic meters, a week - on - week increase of 4100 cubic meters and 7.13%. Among them, the average daily total outbound volume of 3 ports in Shandong was 32,400 cubic meters, a week - on - week increase of 4500 cubic meters and 16.13%. The average daily total outbound volume of 3 ports in Jiangsu was 22,800 cubic meters, a week - on - week decrease of 700 cubic meters and 2.98% [26]. - As of January 20, the capital availability rate of sample construction sites was 59.21%, a week - on - week decrease of 0.36 percentage points. The capital availability rate of non - housing construction projects was 60.28%, a week - on - week decrease of 0.27 percentage points. The capital availability rate of housing construction projects was 53.95%, a week - on - week decrease of 0.84 percentage points. The regions with a decrease in capital availability were mainly in East China [26]. 3.3.4 Log Prices - **Radiation Pine and Spruce/Fir Prices**: In Shandong, the price of 3.9 - meter medium - grade A radiation pine logs at Rizhao Port this week was 740 yuan per cubic meter, the same as last week and a year - on - year decrease of 70 yuan per cubic meter and 8.64%. In Jiangsu, the price of 4 - meter medium - grade A radiation pine logs at Taicang Port this week was 770 yuan per cubic meter, a week - on - week increase of 20 yuan per cubic meter and 2.67%, and a year - on - year decrease of 40 yuan per cubic meter and 4.94%. In Shandong, the price of 11.8 - meter 20cm + general - grade spruce logs at Rizhao Port this week was 1150 yuan per cubic meter, a week - on - week decrease of 10 yuan per cubic meter and 0.86%, and a year - on - year increase of 100 yuan per cubic meter and 9.52% [33]. - **Downstream Wood Product Prices**: Taking the 3000 * 40 * 90 radiation pine wood as an example, the mainstream transaction price in the Shandong market was 1200 yuan per cubic meter, and in the Jiangsu market, it was 1260 yuan per cubic meter. Taking the 3000 * 40 * 90 spruce/white pine wood as an example, the mainstream transaction price in the Shandong market was 1750 yuan per cubic meter, and in the Jiangsu market, it was 1680 yuan per cubic meter [36]. 3.3.5 Imported Log Costs - As of January 5, 2026, the FOB (CFR) price range of New Zealand radiation pine logs in January was $109 - 112 per JAS cubic meter, with the main price at $110 per JAS cubic meter, a decrease of $2 per JAS cubic meter from December [42].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The New Zealand heavy rainfall and floods have caused short - term shipment delays, affecting the supply of logs to China. The log market shows a complex situation with price fluctuations, inventory changes, and demand differences between regions. In the short - term, the 2603 contract is expected to be in a relatively strong oscillation, while in the medium - term, the market will enter a traditional off - season around the Spring Festival in 2026, and the focus will be on factors such as the resumption rate, real - estate policies, cost changes, and demand recovery [2][3][5]. 3. Summary by Relevant Catalogs Log Industry Data - Spot and Futures - Spot: The price of 3.9 - meter medium A radiata pine logs at Rizhao Port is 740 yuan/cubic meter, remaining stable compared to the previous period. The price of 4 - meter medium A radiata pine logs at Taicang Port is 770 yuan/cubic meter, showing an increase. The radiata pine log prices in Jiangsu and Chongqing markets have risen, and the main log contract 2603 first declined and then rebounded. - Futures: As of January 27th, the main log contract 2603 closed at 776 yuan/cubic meter, showing a rebound. In early January 2026, the ocean freight for imported coniferous log bulk carriers from New Zealand to China was 25 US dollars/JAS cubic meter, a decrease of 1 US dollar/JAS cubic meter compared to late December 2025, a month - on - month decrease of 3.85% [2]. Log Industry Data - Supply - The New Zealand weather has led to short - term shipment delays. The expected arrival of New Zealand logs at 13 ports in China from January 26th to February 1st, 2026, is 7 ships, a decrease of 1 ship compared to last week, a week - on - week decrease of 13%, and the arrival volume is about 219,000 cubic meters, a decrease of 27,000 cubic meters compared to last week, a week - on - week decrease of 11%. The actual arrival of New Zealand logs at 13 ports from January 19th to January 25th, 2026, was 8 ships, a decrease of 3 ships compared to last week, a week - on - week decrease of 27%, and the arrival volume was about 246,000 cubic meters, a decrease of 123,000 cubic meters compared to last week, a week - on - week decrease of 33%. In December 2025, China's total coniferous log imports were about 1.7654 million cubic meters, a month - on - month decrease of 20.82% and a year - on - year decrease of 22.45%. Overall, China's total coniferous log imports decreased year - on - year in 2025 [2]. Log Industry Data - Inventory - As of January 27th, the total domestic coniferous log inventory was 2.49 million cubic meters, a decrease of 80,000 cubic meters compared to last week. The radiata pine inventory was 2.12 million cubic meters, a decrease of 50,000 cubic meters; the North American timber inventory was 120,000 cubic meters, a decrease of 10,000 cubic meters; the spruce/fir inventory was 110,000 cubic meters, a decrease of 10,000 cubic meters. The total inventory in Jiangsu has been declining continuously, mainly due to the tight supply of some specifications of port spot. The price difference between Shandong and Jiangsu has expanded, leading to some ships diverting to Jiangsu and a significant decrease in the arrival at Rizhao Market [3]. Log Industry Data - Demand - From January 19th to January 25th, the daily average outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,800 cubic meters, an increase of 0.32% compared to last week. Among them, the daily average outbound volume of coniferous logs at Shandong ports was 36,100 cubic meters, an increase of 11.42% compared to last week; the daily average outbound volume of coniferous logs at Jiangsu ports was 19,400 cubic meters, a decrease of 14.91% compared to last week. Downstream demand is suppressed by seasonal factors. The demand shows a north - south differentiation. The price of radiata pine logs in the Rizhao area has increased in the short - term due to concerns about reduced supply from New Zealand and tight inventories of some specifications, while the demand side is weakly stable with little short - term change [3]. Log Industry Data - Recent News and Outlook - China's imported radiata pine shows a significant resource - concentration characteristic, with an increasing proportion from New Zealand. The anti - involution policy has an indirect boosting effect in the off - season. The May Sino - US Geneva Joint Statement is beneficial to wood product exports. The resumption of importing US logs has been announced, but the short - term arrival volume will be limited. The New Zealand heavy rainfall and floods may affect local logging and shipping [4]. Log Industry Data - Strategies and Suggestions - In the past, from July to early September, the futures market rebounded significantly, but then entered a low - level oscillation due to weak real - estate demand. In the second half of the year, the near - and far - month contracts showed significant differentiation. In the short - term, the 2603 contract is expected to be in a relatively strong oscillation, and attention should be paid to factors such as foreign quotes and pre - Spring Festival demand contraction. In the medium - term, around the Spring Festival in 2026, the market will enter an off - season, and attention should be paid to factors such as the resumption rate, real - estate policies, cost changes, and demand recovery [5]. Log Supply Source - Radiata pine mainly comes from New Zealand, and fir and spruce mainly come from Europe [13].

Group 1: Report Overview - Report Title: [Log Weekly Report (LG)]: Log Futures Fluctuate Significantly Affected by Macroeconomic Sentiment [1] - Report Date: January 26, 2026 [1] - Research Center: Agricultural Products Research Center of Guomao Futures [1] Group 2: Main Views and Strategy Overview Supply - The supply factor is bullish. In the week of January 10 - 16, 2026, a total of 4 ships with 120,000 cubic meters of logs departed from 12 ports in New Zealand, a decrease of 5 ships and 230,000 cubic meters compared to the previous week. Among them, 3 ships with 90,000 cubic meters were directly sent to China, a decrease of 5 ships and 210,000 cubic meters. In the past 4 weeks, a total of 35 ships with 1.28 million cubic meters of logs departed from 12 ports in New Zealand, a decrease of 17 ships and 690,000 cubic meters compared to the same period last month. Among them, 26 ships with 920,000 cubic meters were directly sent to China, a decrease of 13 ships and 520,000 cubic meters [4]. Demand - The demand factor is neutral. From January 12 - 18, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,600 cubic meters, an increase of 7.13% compared to the previous week [4]. Inventory - The inventory factor is neutral. As of January 16, the total domestic coniferous log inventory was 2.57 million cubic meters, a decrease of 120,000 cubic meters compared to the previous week, a week - on - week decrease of 4.46% [4]. Valuation - The valuation factor is neutral. The current log futures price is basically the same as the log delivery cost, within a reasonable range [4]. Investment View - It is more likely that the January FOB price of log futures will rise. At the same time, due to the impact of Christmas in New Zealand, the shipping volume has decreased, and it is expected to run bullishly [4]. Trading Strategy - Unilateral: Not provided. Risk focus: Domestic demand situation. Arbitrage: Not provided [4]. Group 3: Futures and Spot Market Review Futures Price Fluctuation - Log futures fluctuated significantly affected by macroeconomic sentiment. In the first half of the week, log futures increased in positions and declined affected by black building materials varieties, and decreased in positions and rose in the second half of the week. Some specifications in Jiangsu region increased, and the fundamentals were stable and improving [8]. Futures Position - Log positions were basically stable. As of January 23, 2025, the total position of log futures contracts was 16,472 lots, a 1.4% increase compared to the previous week; the position of the main log futures contract was 11,610 lots, a week - on - week decrease of 2.24% [15]. Spot Price - Log spot prices were basically stable. As of January 23, 2025, in Shandong, the prices of 3.9 - meter small A, medium A, and large A radiata pine were 680, 740, and 850 yuan/m³ respectively; the prices of 5.9 - meter small A, medium A, and large A radiata pine were 710, 760, and 940 yuan/m³ respectively. In Jiangsu, the prices of 3.9 - meter small A, medium A, and large A radiata pine were 700, 770, and 800 yuan/m³ respectively; the prices of 5.9 - meter small A, medium A, and large A radiata pine were 770, 810, and 840 yuan/m³ respectively [19]. Group 4: Log Supply - Demand Fundamental Data Import Volume - In December 2025, China's total coniferous log import volume was about 1.7654 million cubic meters, a month - on - month decrease of 20.82% and a year - on - year decrease of 22.45%. In 2025, China's total coniferous log import volume was about 23.9187 million cubic meters, a year - on - year decrease of 8.41%. In December 2025, China's total coniferous log import volume from New Zealand was about 1.3048 million cubic meters, a month - on - month decrease of 27.01% and a year - on - year decrease of 13.02%. In 2025, China's total coniferous log import volume from New Zealand was about 18.1002 million cubic meters, a year - on - year increase of 1.51% [24]. Shipping Volume - New Zealand's log shipping volume decreased. In December 2025, about 52 ships of logs departed from New Zealand ports, a month - on - month increase of 3 ships, and the total shipping volume was about 1.914 million cubic meters, a 1.1% increase compared to 1.892 million cubic meters in October. In the week of January 10 - 16, 2026, a total of 4 ships with 120,000 cubic meters of logs departed from 12 ports in New Zealand, a decrease of 5 ships and 230,000 cubic meters compared to the previous week. Among them, 3 ships with 90,000 cubic meters were directly sent to China, a decrease of 5 ships and 210,000 cubic meters. In the past 4 weeks, a total of 35 ships with 1.28 million cubic meters of logs departed from 12 ports in New Zealand, a decrease of 17 ships and 690,000 cubic meters compared to the same period last month [30]. Inventory - Domestic coniferous log inventory decreased. As of January 16, the total domestic coniferous log inventory was 2.57 million cubic meters, a decrease of 120,000 cubic meters compared to the previous week, a week - on - week decrease of 4.46%. The radiata pine inventory was 2.17 million cubic meters, a decrease of 120,000 cubic meters compared to the previous week, a week - on - week decrease of 5.24%. The North American timber inventory was 130,000 cubic meters, an increase of 10,000 cubic meters compared to the previous week, a week - on - week increase of 8.33%. The spruce/fir inventory was 120,000 cubic meters, a decrease of 10,000 cubic meters compared to the previous week. In terms of provincial inventory, as of January 16, the total coniferous log inventory in Shandong ports was 1.92 million cubic meters, a decrease of 2.04% compared to the previous week; the total coniferous log inventory in Jiangsu ports was 410,820 cubic meters, a decrease of 15.18% compared to the previous week [38]. Outbound Volume - The log outbound volume increased. From January 12 - 18, the average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 61,600 cubic meters, an increase of 7.13% compared to the previous week. Among them, the average daily outbound volume of coniferous logs at Shandong ports was 32,400 cubic meters, an increase of 16.13% compared to the previous week; the average daily outbound volume of coniferous logs at Jiangsu ports was 22,800 cubic meters, a decrease of 2.98% compared to the previous week [43]. Wood Square Price and Processing Profit - As of January 23, 2025, the wood square price in Shandong was 1,170 yuan/m³, unchanged week - on - week; the wood square price in Jiangsu was 1,260 yuan/m³, unchanged week - on - week. The processing profit in Shandong was - 68.5 yuan/m³, unchanged week - on - week; the processing profit in Jiangsu was 6 yuan/m³, unchanged week - on - week [46].

1. Report's Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report The report indicates that the supply of logs is tightening, with spot prices remaining stable with a slight upward trend. The current log valuation shows a north - south differentiation pattern. The price is expected to be stable with a slight upward trend, and investors are recommended to go long near the previous low. Attention should also be paid to the 03 - 05 reverse spread of logs, while options should be on the sidelines [6][7][8]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategy - **Comprehensive Analysis**: On the supply side, New Zealand's log shipments to China decreased by 210,000 cubic meters week - on - week due to the Christmas holiday but are expected to return to normal next week. China's port arrivals increased by 8% to 411,000 cubic meters, with concentrated arrivals in Shandong and limited arrivals in the South. Total inventory increased slightly by 0.75%, with inventory accumulating in the North and supply in the South remaining tight. On the demand side, the daily average outbound volume increased slightly by 1.77%, showing a strong - weak differentiation in overall demand [6]. - **Logic Analysis**: The current log valuation shows a north - south differentiation. The price in Jiangsu increased by 20 yuan/cubic meter, supported by tight supply and factory winter storage, while the price in Shandong remained flat due to concentrated supply and inventory accumulation. The cost of the current round of ship - received logs has decreased, but there is an expectation of an increase in the February foreign quotation. The price of downstream wood squares in Shandong decreased, while that in Jiangsu remained stable. In the short term, the valuation fluctuates with regional supply - demand differentiation and may stabilize next week to absorb the increase [7]. - **Strategy**: For unilateral trading, investors should go long near the previous low as log prices are stable with a slight upward trend. For arbitrage, pay attention to the 03 - 05 reverse spread of logs. For options, stay on the sidelines [8]. 3.2 Core Logic Analysis - **Log Supply**: In the week of January 10 - 16, 2026, New Zealand's direct shipments to China decreased by 210,000 cubic meters week - on - week. From the cumulative data of the past 4 weeks, the shipments decreased compared with the same period last month. However, next week's shipments from New Zealand ports are expected to return to normal. From January 12 - 18, 2026, the number of pre - arriving ships at 13 Chinese ports increased by 18% week - on - week, and the arrival volume increased by 8% [18]. - **Log Inventory**: As of January 9, the total domestic log inventory increased by 0.75% week - on - week. The inventory of radiata pine, North American timber, and spruce/fir changed by 0.44%, 20.00%, and - 7.14% respectively. In terms of provincial inventories, the inventories of Shandong, Jiangsu, Fujian, and Hebei all increased [21]. - **Log Demand**: As of January 9, the daily average outbound volume of 13 ports increased by 1.77% week - on - week. The outbound volume in Shandong decreased by 3.46% week - on - week, while that in Jiangsu increased by 8.29%. As of January 13, the sample construction site funds availability rate increased slightly, with the increase mainly driven by housing construction projects [25]. - **Log Price**: In Shandong, the price of 3.9 - meter medium A radiata pine logs at Rizhao Port remained flat week - on - week and decreased by 7.50% year - on - year. In Jiangsu, the price of 4 - meter medium A radiata pine logs at Taicang Port increased by 2.74% week - on - week and decreased by 7.41% year - on - year. The price of 11.8 - meter 20cm+ general spruce logs at Rizhao Port in Shandong remained flat week - on - week and increased by 10.48% year - on - year [32]. - **Downstream Wood Square Price**: Taking 3000*40*90 radiata pine wood squares as an example, the mainstream transaction price in the Shandong market is 1200 yuan/cubic meter, and that in the Jiangsu market is 1260 yuan/cubic meter. For 3000*40*90 white pine wood squares, the mainstream transaction price in the Shandong market is 1750 yuan/cubic meter, and that in the Jiangsu market is 1680 yuan/cubic meter [35]. - **Imported Log Cost**: As of January 5, 2026, the January foreign quotation (CFR) range of New Zealand radiata pine logs is 109 - 112 US dollars/JAS square, with the main price at 110 US dollars/JAS square, a decrease of 2 US dollars/JAS square compared with December [41].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall demand for logs is showing a contraction trend, with regional differentiation. The southern market may maintain a steady - to - rising price due to winter stockpiling, while the northern market is weakening. In the long - term, the log market is expected to oscillate at a low level. In the short - term, the 2603 contract is expected to maintain a range - bound oscillation, and in the medium - term, prices may weaken around the Spring Festival in 2026 [3][4][5] 3. Summary of Relevant Catalogs 3.1 Log Industry Data 3.1.1 Spot and Futures - Spot: The price of 3.9 - meter medium A radiata pine logs at Rizhao Port remained stable at 740 yuan/cubic meter compared to the previous period, and the price of 4 - meter medium A radiata pine logs at Taicang Port increased. The price of radiata pine logs in Jiangsu rose due to supply contraction and demand support. - Futures: As of January 13, the log main contract 2603 closed at 774.5 yuan/cubic meter, showing a strong oscillation. In early January 2026, the ocean freight for imported coniferous log bulk carriers (New Zealand → China) was 25 US dollars/JAS cubic meter, a 3.85% decrease compared to late December 2025 [2] 3.1.2 Supply - From January 3 - 9, 2026, a total of 9 ships with 350,000 cubic meters of logs departed from New Zealand ports, a decrease of 1 ship and 10,000 cubic meters compared to the previous period. Among them, 8 ships with 300,000 cubic meters were directly sent to China, an increase of 2 ships and 80,000 cubic meters. - Expected arrival volume at 13 ports this week (January 12 - 18, 2026): 13 New Zealand log ships are expected to arrive at 13 Chinese ports, an 18% increase compared to last week, with a total arrival volume of about 411,000 cubic meters, an 8% increase. - Actual arrival volume at 13 ports last week (January 5 - 11, 2026): 11 New Zealand log ships were expected to arrive at 13 Chinese ports, a 15% decrease compared to the previous week, with a total arrival volume of about 380,000 cubic meters, a 12% decrease. - In November 2025, the total import volume of Chinese coniferous logs was about 2.2295 million cubic meters, a 16.86% month - on - month increase and a 2.58% year - on - year increase. From January to November 2025, the total import volume was about 22.1533 million cubic meters, a 7.07% year - on - year decrease [2] 3.1.3 Inventory - As of January 13, the total domestic coniferous log inventory was 2.69 million cubic meters, an increase of 20,000 cubic meters compared to last week. The radiata pine inventory was 2.29 million cubic meters, an increase of 10,000 cubic meters; the North American timber inventory was 120,000 cubic meters, an increase of 20,000 cubic meters; the spruce/fir inventory was 130,000 cubic meters, a decrease of 10,000 cubic meters. - Overall, downstream demand is weak and stable, the arrival volume pressure is rising, and high arrival volumes are continuously pressuring port log inventory and spot prices. Inventory decreased in December due to reduced previous arrivals, but has started to accumulate since January [3] 3.1.4 Demand - From January 5 - 11, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 57,500 cubic meters, a 1.77% increase compared to last week. Among them, the average daily outbound volume of coniferous logs at Shandong ports was 27,900 cubic meters, a 3.46% decrease; the average daily outbound volume at Jiangsu ports was 23,500 cubic meters, an 8.29% increase. - Downstream demand is suppressed by seasonal factors. The southern Yangtze River Delta region may maintain a steady - to - rising price due to winter stockpiling and low arrival pressure, but the increase is limited. The northern market is in the final stage before the holiday, with weakening demand and a possible weakening price trend [3] 3.1.5 Recent News and Outlook - China's import of radiata pine shows a trend of resource centralization, with an increasing proportion from New Zealand. However, the risk of over - reliance on a single source is accumulating. - Anti - involution policies have an indirect boost in the off - season. The downstream products of logs are also affected by the construction and manufacturing industries, and there is a high correlation between construction wood and coke. - The Sino - US Geneva Joint Statement in May may boost wood product exports, but the current terminal market is sluggish. The suspension of 24% reciprocal tariffs and counter - tariffs for 90 days in July has been extended, and there are still uncertainties in the export cost of Chinese wood products. - The EU Commission has imposed higher anti - dumping duties on hardwood plywood imported from China, and Mexico has made an affirmative preliminary anti - dumping ruling on cardboard from China. - China has lifted the suspension of importing US logs, but the short - term arrival and clearance volume will be limited. - New Zealand's log supply to China is expected to slow down before the Chinese Spring Festival, and there may be a slight increase in the new round of outer - market quotes [4] 3.1.6 Strategies and Suggestions - In summer from July to early September, the futures market rebounded significantly, but the market's long - term expectation for real estate demand was cautious, resulting in a near - strong and far - weak differentiation trend. - In the second half of the year, the near - and far - month contracts showed significant differentiation. The 2511 contract fell rapidly after the peak season, and the 2601 contract oscillated strongly at first and then fell. - In the short - term, the 2601 contract is oscillating at a low level, and the 2603 contract is relatively stronger. The outer - market quote for New Zealand radiata pine logs in January 2026 has slightly decreased, and the overall demand is expected to contract in the future. - In the medium - term, around the Spring Festival in 2026, the log price may weaken. Whether the main 2603 contract can improve depends on the real estate industry's support policies and the post - Spring Festival cost and demand recovery [5] 3.2 Log Import Sources - Radiata pine is mainly imported from New Zealand, and fir and spruce are mainly imported from Europe [14] 3.3 Log Import Volume - The data shows the monthly port shipping volume, departure ship number, and total import volume of New Zealand logs from 2023 - 2025, as well as the monthly import volume of different tree species of logs [16][18] 3.4 Log Inventory - The data presents the inventory of logs at different ports and of different varieties in China, including the inventory of coniferous logs, radiata pine, North American timber, and spruce [21] 3.5 Log Outbound Volume - The data shows the average daily outbound volume of logs at ports from 2023 - 2026, as well as the average daily outbound volume at Shandong and Jiangsu ports [24][27] 3.6 Log Demand - Related Data - The data includes the weekly outbound volume of cement, the weekly shipping volume of concrete, the actual in - place funds of real - estate development enterprises, and the correlation between building materials products [30][33]

1. Report Industry Investment Rating - No investment rating information is provided in the content [1] 2. Core Viewpoints of the Report - The log futures are running at a low level, and the spot price shows signs of a certain bottom - rebound, but the January FOB quotes continue to weaken, and there is a lack of bullish drivers overall [3][7] 3. Summary According to the Directory 3.1 Main Viewpoints and Strategy Overview - **Supply**: From January 5th to 11th, 2026, the number of pre - arrival ships of New Zealand logs at 13 Chinese ports was 13, an increase of 1 (8% week - on - week), and the total arrival volume was about 479,000 cubic meters, an increase of 70,500 cubic meters (17% week - on - week) [3] - **Demand**: From December 29th, 2025 to January 4th, 2026, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 56,500 cubic meters, a decrease of 3.09% from the previous week [3][32][35] - **Inventory**: As of January 2nd, 2026, the total domestic coniferous log inventory was 2.67 million cubic meters, an increase of 130,000 cubic meters (5.12% week - on - week) [3][31][32] - **Valuation**: The current log futures price is basically the same as the log delivery cost, in a reasonable range [3] - **Investment Viewpoint**: The log futures have reached a reasonable range, but there is a lack of bullish drivers - **Trading Strategy**: Unilateral trading and arbitrage strategies are not provided; attention should be paid to domestic demand [3] 3.2 Review of Futures and Spot Market Conditions - **Futures Market**: The log futures fluctuated at a low level this week without a fundamental improvement. The total log futures contract positions were 15,862 lots as of January 9th, 2025, an increase of 6.15% from the previous week; the main contract positions were 11,930 lots, an increase of 4.8% [7][11] - **Spot Market**: As of January 9th, 2025, the spot prices of radiata pine in Shandong and Jiangsu remained basically stable. The processing profit in Shandong was - 18.5 yuan/m³, and in Jiangsu was 17 yuan/m³, both unchanged week - on - week [16][38] 3.3 Log Supply and Demand Fundamental Data - **Import Volume**: In November 2025, China's total coniferous log imports were about 2.2295 million cubic meters, a month - on - month increase of 16.86% and a year - on - year increase of 2.58%. From January to November 2025, the total was about 22.1533 million cubic meters, a year - on - year decrease of 7.07%. In November 2025, imports from New Zealand were about 1.7876 million cubic meters, a month - on - month increase of 19.50% and a year - on - year increase of 12.50%. From January to November 2025, the total was about 16.7954 million cubic meters, a year - on - year increase of 2.84% [21] - **New Zealand Shipping Volume**: In December 2025, the number of departing ships of New Zealand logs was about 52, an increase of 3 month - on - month, and the total shipping volume was about 1.914 million cubic meters, a 1.1% increase from October [26] - **Inventory**: As of January 2nd, 2026, the total domestic coniferous log inventory was 2.67 million cubic meters, an increase of 5.12% week - on - week; radiata pine inventory was 2.28 million cubic meters, an increase of 5.56% week - on - week; North American timber inventory was 100,000 cubic meters, an increase of 42.86% week - on - week; spruce/fir inventory was 140,000 cubic meters, a decrease of 10,000 cubic meters [31][32] - **Outbound Volume**: From December 29th, 2025 to January 4th, 2026, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 56,500 cubic meters, a decrease of 3.09% from the previous week. The average daily outbound volume at Shandong ports increased by 3.58%, while that at Jiangsu ports decreased by 11.07% [32][35]