格林：区间震荡

1. Report Industry Investment Rating - The investment rating for the log industry is "Range - bound" [1] 2. Core Viewpoint - The log market is expected to experience range - bound fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Contracts: - For the 2603 contract, the closing price on January 27, 2026, was 775.5, with a daily decline of 0.1% and a weekly increase of 1.5%. The trading volume was 3684, a daily decrease of 27.3% and a weekly decrease of 56%. The open interest was 10340, a daily decrease of 1.3% and a weekly decrease of 35% [1] - The 2605 contract had a closing price of 786.5 on January 27, 2026, a daily increase of 0.4% and a weekly increase of 1%. The trading volume was 1052, a daily decrease of 47.3% and a weekly increase of 54%. The open interest was 3638, a daily increase of 2.5% and a weekly increase of 14% [1] - The 2607 contract's closing price on January 27, 2026, had a daily increase of 0.3%. The trading volume was 99, a daily increase of 39.4% and a weekly decrease of 10%. The open interest was 1013, a daily decrease of 0.5% and a weekly decrease of 4% [1] - Spot - Futures Spreads: - The spread between the spot and the 2603 contract was - 35.5 on January 27, 2026, with a daily decrease of 1.4% and a weekly increase of 48% - The spread between the spot and the 2605 contract was - 46.5 on January 27, 2026, with a daily increase of 8.1% and a weekly increase of 12% [1] - Inter - contract Spreads: - The spread between the 2603 and 2605 contracts was - 11 on January 27, 2026 - The spread between the 2603 and 2607 contracts was - 21.5 on January 27, 2026 - The spread between the 2605 and 2607 contracts was - 10.5 on January 27, 2026 [1] - Spot Market: - In the log spot market, most prices remained stable. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market was 740 yuan/m³, with no change in daily and weekly rates. Some prices had minor changes, such as the 3 - meter radiata pine square in Rizhao, which increased by 1.7% daily and weekly [1] 3.2 Macro and Industry News - China's December RatingDog Composite PMI was 51.3, exceeding the 50.0 boom - bust line and slightly rising from 51.2 in November, indicating a further increase in the total production and operation volume of Chinese enterprises at the end of 2025 [3] 3.3 Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend [3]