原木：宽幅震荡

Report Summary 1. Industry Investment Rating - The investment rating for the log industry is "Wide - range Fluctuation" [1] 2. Core View - There is no explicit core view provided in the report, but it presents comprehensive data on log fundamentals and relevant macro and industry news 3. Summary by Directory 3.1 Fundamental Tracking - Futures Contract Data: - For the 2509 contract, on July 17, the closing price was 833, with a daily increase of 4.5% and a weekly increase of 6.0%. The trading volume was 68470, a daily increase of 236.3% and a weekly increase of 243%. The open interest was 34390, a daily increase of 40.7% [2] - For the 2511 contract, on July 17, the closing price was 829.5, with a daily increase of 4.3%. The trading volume was 2411, a daily increase of 236.3% and a weekly increase of 188%. The open interest was 4124, a daily increase of 1.2% and a weekly increase of 14% [2] - For the 2601 contract, on July 17, the closing price was 832, with a daily increase of 4.1%. The trading volume was 1114, a daily increase of 150.3% and a weekly increase of 325%. The open interest was 1620, a daily increase of 34.4% and a weekly increase of 94% [2] - Basis Data: - The basis of "spot - 2509" on July 17 was - 93, with a daily increase of 63.2% and a weekly increase of 102% - The basis of "2509 - 2511" on July 17 was 3.5, with a daily increase of 133.3% and a weekly increase of 133% [2] - Spot Market Data: Most of the spot prices of various types of logs and wood squares in Shandong and Jiangsu markets remained unchanged on July 17, with a daily and weekly increase of 0.0%. Only a few varieties had small price changes, such as the 3.9 - meter 20 + radiata pine in the Jiangsu market, with a weekly decrease of 1.4% [2] 3.2 Macro and Industry News - From July 14 to 15, the Central Urban Work Conference was held in Beijing, and General Secretary Xi Jinping attended the meeting and delivered an important speech [4] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral situation. The range of trend intensity is an integer in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [4]