原木：震荡盘整

Report Industry Investment Rating - The report does not mention the industry investment rating [1] 2. Core View of the Report - The report indicates that the log market is in a state of oscillatory consolidation [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Market Data: - For the 2603 contract, the closing price on February 5, 2026, was 802, with a daily decline of 0.7% and a weekly increase of 0.5%. The trading volume was 6656, a daily decrease of 22.1% and a weekly decrease of 57%. The open interest was 8922, a daily decrease of 4.4% and a weekly decrease of 12% [1] - For the 2605 contract, the closing price was 797.5, a daily decline of 0.6% and a weekly change of 0%. The trading volume was 2497, a daily increase of 4.8% and a weekly decrease of 36%. The open interest was 5085, a daily decrease of 1.2% and a weekly increase of 7% [1] - For the 2607 contract, the closing price was 801.5, a daily decline of 0.7% and a weekly change of 0%. The trading volume was 82, a daily decrease of 18.0% and a weekly decrease of 75%. The open interest was 1125, a daily increase of 1.4% and a weekly increase of 7% [1] - Spread Data: - The spread between the spot and the 2603 contract was -52 on February 5, 2026, with a daily decline of 9.6% and a weekly decline of 10% - The spread between the spot and the 2605 contract was -47.5, a daily decline of 8.7% and a weekly decline of 16% - The spreads between different contracts (2603 - 2605, 2603 - 2607, 2605 - 2607) also showed certain changes [1] - Spot Market Data: - In the log spot market, the prices of various types of logs in Shandong and Jiangsu markets were mostly stable, with only a few showing slight increases. For example, the price of 3.9 - meter 30 + radiata pine in the Shandong market increased by 1.4% week - on - week [1] - In the wood square spot market, the prices of 3 - meter and 4 - meter radiata pine wood squares in some regions also showed slight increases, such as a 4.1% week - on - week increase in the 3 - meter radiata pine wood square in Rizhao [1] 3.2 Macro and Industry News - China's January RatingDog Manufacturing PMI was 50.3, in line with expectations and higher than the previous value of 50.1 [3] - Multiple real - estate enterprise related personnel stated that currently, their companies are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly. However, some troubled real - estate enterprises are required to regularly report financial indicators such as asset - liability ratio to the special team in the city where their headquarters are located [3][4] 3.3 Trend Intensity - The log trend intensity is 0, indicating a neutral trend [3]