原木：窄幅震荡

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The log market is in a narrow - range oscillation [1] - The log trend intensity is 0, indicating a neutral view [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Contracts: For the 2603 contract, the closing price on January 29, 2026, was 785 with a daily increase of 1.2% and a weekly increase of 1.2%; the trading volume was 9866, a daily surge of 258.6% and a weekly rise of 5%; the open interest was 10248, a daily increase of 1.2% and a weekly decrease of 12%. Similar data is provided for 2605 and 2607 contracts, showing different price, volume, and open - interest changes [1] - Spreads: The spreads between different contracts (e.g., 2603 - 2605, 2603 - 2607, 2605 - 2607) and the spreads between spot and futures contracts (e.g., spot - 2603, spot - 2605) have their respective values and changes [1] - Spot Market: In the log and wood - square spot markets of Shandong and Jiangsu, prices of different types of logs and wood squares (such as 3.9 - meter, 5.9 - meter radiation pine, K - wood, paper pulp, etc.) have different daily and weekly price change rates, with some remaining stable and some showing slight increases or decreases [1] 2. Macro and Industry News - China's industrial enterprises above the designated size had a 5.3% year - on - year profit growth in December and a 0.6% year - on - year growth for the whole year [3] - Many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, but some troubled real - estate enterprises need to report financial indicators such as asset - liability ratio to the special team in their headquarters cities regularly [3]