Macroeconomics

1. [Total Social Logistics Volume] According to data from the China Federation of Logistics and Purchasing, the total social logistics volume in China reached 368.2 trillion RMB in 2025, a year-on-year increase of 5.1% at comparable prices. Logistics demand growth remained stable throughout the year. Looking at the long-term trend, the total social logistics volume is projected to grow at an average annual rate of 5.7% during the 14th Five-Year Plan period, exceeding the GDP growth rate for the same period, demonstrating the strong driving effect of logistics on the real economy.

2. [US Tariffs] The United States is working to lower the so-called reciprocal tariffs imposed on Bangladeshi goods and provide new exemptions for textiles. Trump will reduce the overall reciprocal tariffs on Bangladeshi goods to 19%, following a reduction from 37% to 20% last year. The agreement also includes a mechanism allowing certain textiles to receive full tariff exemptions, which will support Bangladesh's garment industry.

Building Materials

1. [Paper] Guangdong Dongguan Jinzhou Paper Industry will shut down its PM1, PM2, PM3, and PM4 machines at Plant 1 and PM1 and PM2 machines at Plant 2 for 15 days from February 10th to February 25th. This affects kraft paper and high-strength corrugated paper, and is expected to reduce capacity by 70,000 tons.

Nine Dragons Paper's Dongguan base will shut down its PM43 machine for 15 days from February 10th to February 24th. This affects kraft paper.

Jiangsu Lee & Man Paper Manufacturing Co., Ltd. has decided to conduct maintenance on all machines during the Spring Festival. From February 9th to February 23rd, its PM5, PM6, PM8, and PM10 machines will be shut down for 15 days. This affects kraft paper and paper cores.

2. [Wastepaper] On February 9th, Fujian Quanzhou Nine Dragons Paper Industry lowered its waste paper purchase price by 30 RMB/ton, with the adjusted price delivered to the factory at 1520 RMB/ton.

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