原木：基差修复，宽幅震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The log market shows basis repair and wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Contract Data: For the 2507 contract, the closing price on June 19, 2025, was 798, with a daily increase of 0.3% and a weekly increase of 4.0%. The trading volume was 21,160, a daily decrease of 34.0% and a weekly increase of 39%. The open interest was 22,957, a daily decrease of 1.9% and a weekly increase of 9%. Similar data is presented for 2509 and 2511 contracts [1] - Basis Data: The basis between spot and 2507 contract was - 48 on June 19, 2025, with a daily increase of 5.5% and a weekly increase of 75%. The basis between 2507 - 2509 contract had a daily increase of 700.0% and a weekly decrease of 124% [1] - Spot Market Data: In the log spot market, most prices remained stable on June 19, 2025, with some showing minor weekly changes. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 750 yuan/m³, with a weekly increase of 1.4%. In the wood square spot market, prices were mostly unchanged [1] 3.2 Macro and Industry News - From January to May 2025, the national real - estate development investment was 362.34 billion yuan, a year - on - year decrease of 10.7% [3] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral view [3]